The Art Of Kicking The Habit Of Debt
It seems that debt is one addiction that we cant appear to kick the habit
. We have become used to buy now pay later, which has made this habit difficult to kick. Hoping that later will never come and if it does we will deal with it then. Unfortunately, with a slow economy that has never gotten of the mat since 2008 the day of reckoning came sooner then many hoped for. We piled on the debt feeling secure about our jobs and our capability to pay. Both now seem like illusion of some long gone year.
Jobs are gone and most and never coming back, suddenly countless are faced with running out unemployment benefits. The paychecks are not received anymore, but the credit card bills are.. Faced with putting food on the table, paying the rent or mortgage and paying the credit cards, the decision is not hard. Staying alive has become first priority everything else can wait..
Perhaps this was the only way that we could learn our lessons and come to grips with reality that we cannot live beyond our means. I sincerely hope that even those that have been fortunate enough not to face this type of circumstances have learned from what they seen occur to friends, family and neighbors.
To say that all this blame rest solely on the consumer would not be true. Credit card companies offered the addicts their fix in terms that he could not refuse. Buy now, pay later, zero interest rate for a year, no annual fee were some of the marketing cries of these companies. Now faced with mounting losses from people unable to pay these seemingly sweet and wonderful companies have turned into vicious monsters. They have raised their interest rates to 30%, invented new fees and lowered credit limits, all of which has inflected further pain on the consumer who is already drowning in debt.
Mortgage companies also played the same game by offering low teaser rates, low or no down payment and many bought homes that were to large or simply could not afford.. Those homes are now being foreclosed and its occupants left looking for a place to live. The situation became so critical that even banks hesitated taking properties back.
To put blame on anyone is an useless exercise because everyone involved consciously new the possible consequences and still moved ahead.
Pointing out a single party as accountable would be convenient, but useless. It cannot alter was has already been done.
However, learning the lessons is all-important, so that we will not repeat the same errors. This and kicking the debt habit once and for all perhaps will be the positive legacy of this period in time that we are still in middle of living through.
by: Ian Master
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