The Debt Habit We Need To Overcome
The Debt Habit We Need To Overcome
Debt is habit an kicking that habit has become problematic for many. For many being in debt has become a way of life and we are addicted to allure of being able to buy now and pay later. 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 ability to pay. Now that has home to roost and the debt accumulation don't not seem like a goof idea.
Many having lost their jobs and their unemployment benefits.. The credit card and other bills have not stopped coming even though the paycheck have. Faced with putting food on the table, paying the rent or mortgage and paying the credit cards, the decision is not difficult. Staying alive has become first priority everything else can wait..
We are not faced with living within our means, a hard way to learn this lesson. This lesson must be learned by those affected as well as those that are no as they witness what those around them are experiencing.
To blame this totally on the consumer would be irresponsible. Credit card companies lured many into credit with flavorful offers that the debt addict could not resist. 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 played the same game, low teaser interest rates, small or no down payment and lured many into buying homes that they could not afford at a time when real estate prices were at their peak. 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.
It really does not matter who you blame, it was a covenant of mutual destruction that will have ramifications for generations to come. Finger pointing is easy, but there is no group responsible that should be singled out. It cannot change was has already been done.What we take away from this experience is what counts.. 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.
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