*spinoff from another thread* What's your 'inclination' toward debt?

**PrairieRose** · 06-05-2008, 01:49 PM

Ok, now without starting a huge, nasty (i.e. let's all be NICE please) debate.....I'd love to hear your opinions and inclinations toward debt. Do you feel completely responsible toward any debt you have (either past or present)? or Do you feel that yeah, you know you owe it but if times get tough you won't mind seeking bankruptcy or other ways of averting it?

My own feelings are (extreme circumstances aside---and I have to say that I've known lots of folks with extreme circumstances who fell on hard times and still managed to 'service' their debt without bankruptcy or default); When I create a debt it is money that I actually owe. It's not something that there is a 'choice' about. I borrowed the money, gave my word (even with a credit card there is an agreement that was signed by me) to repay it under the terms of said agreement. Now I know things happen in life. I've been married 32 years (as of yesterday) so we've seen lots of extremely lean times, lots of which we created by our own stupidity and accumulation of debt. We've always managed, even when our income was cut down to about 1/3 of normal (when we were committed at about80%) to 'service' our debt. We did have to refinance and stretch payments out, etc.... but we did honor our agreements. I know that there will be some who will have the first instinct to

me over this topic and my own response but I am very curious how everyone feels about debt. Is it something that you consider written in stone or sand?

**Russ** · 06-05-2008, 01:59 PM

I was brought up that your word is as good as a contract. I will pay my debts that I have incurred.

btw, Happy Anniversary (yesterday)

**Greebo** · 06-05-2008, 02:08 PM

In my view, a promise to pay is a promise to pay. Not paying for what you received is theft.

**The Muse** · 06-05-2008, 02:12 PM

I believe that I'm responsible for my actions and therefore responsible for any debt that I incur. I would never dream of walking away from debt, or expect anyone to bail me out. I guess this is why I insist on living simply and well below my means.

**annymoll** · 06-05-2008, 02:40 PM

Set in stone.

**DAAC3DEC** · 06-05-2008, 02:40 PM

Originally Posted by rcannon

I was brought up that your word is as good as a contract. I will pay my debts that I have incurred.

btw, Happy Anniversary (yesterday)

It is set in stone, it is yours, totally agree, no ifs ands or buts!!! I think that sometimes that is what societies problem is now, no one has any honor of word...........

**zakity** · 06-05-2008, 02:47 PM

Well, I don't like debt, partially because of my own OCD issues and partially because it just isn't a good choice in the long run. I don't like to owe people (part of my OCD issues), whether it is money or favors.

I feel as if student loans and house loans are "justifiable" debts. They are sort of investments in a way. You can't get a better job without a better education. And, depending on the choice you make in a house, it can be a good investment.

Medical debt is another area that sometimes you just have to have. Medical procedures and medicines are very expensive.

We have made lots of stupid errors. We learned from them. We are attempting to teach the boys not to repeat our errors. I am sure they will. But, I am hoping that they will have the tools that DH and I didn't have when we moved out on our own.

**krissyre** · 06-05-2008, 02:50 PM

Set in stone. I spent it, I owe it. Period.

**Greebo** · 06-05-2008, 02:53 PM

What's upsetting to me, and please note I'm not calling *ANYONE* here a liar...but if you go to www.prosper.com or any other of those "peer lending" websites, the site is full of people who swear they'll pay off their loan as their highest priority. And have multiple delinquencies on their credit, and are delinquent on thousands of dollars, and have done it for years, and who now are months behind on the loan they so strongly vowed to pay back when they got it...

Its a wonder that credit card companies take new applicants...

**dianne9106** · 06-05-2008, 02:58 PM

Great thread! When I was younger and dumber, I just didn't care! I ABUSED credit and the money I earned

. Later I learned better and started to make better choices with money - but not with men! My ex-husband liked nice things but at the expense of my credit - I did without a lot to make sure that my son had his needs met when I was trying to get out from underneath that monster debt! For the last six years I have been able to reestablish myself and my credit and pay what I owe - period! We are actually on our way to becoming debt free except the mortgage! I do not judge some folks for having to make deals to pay off what they owe or even bankruptcy sometimes especially in the situation of a job loss or life change - but I do tend to look at some folks a little harder given my own past and knowing that many people will abuse credit to live happy today and the heck with tomorrow!

**Drgnfly423** · 06-05-2008, 03:07 PM

This is a touchy subject for a lot of people, me included. Currently we are debt free, so it's easier to talk about, but we were not always debt free. Like you said, there were hard times for us, too There were a few years in the beginning of our relationship where we ate pb sandwiches literally every day for lunch, and that was for quite a while. We did that so we could pay our bills and our debts. When we got raises we continued to make the sacrifes so we could pay more back so we could be debt free.

I don't think some people want to make sacrifices, I think they want it to be taken care of. It's the nature of our society. Instant gratification. I will do everything in my power to make sure that my (currently unborn) children will understand how wrong this is. You can not get something for nothing. In my opinion anyway.

**McD** · 06-05-2008, 03:25 PM

I believe that if you owe it, you pay it, no ifs ands or buts. THat was partly how I was raised...partly as in, that's how my dad raised me.

I also agree that there is 'good debt'. Good as in...it gets tax deductions, etc. etc. Still sucks to pay it, but at least its a benefit.

**luv-my-lexi** · 06-05-2008, 03:41 PM

Originally Posted by krissyre

Set in stone. I spent it, I owe it. Period.

We have done a lot of STUPID things but we always pay off what we incur.

**mom2matty** · 06-05-2008, 03:47 PM

I've been married 23 years and throughout those years we did lots of stupid things. No matter how bad things got we always paid what we owed. I agree, if I spend it, I owe it!!

**Michelle** · 06-05-2008, 03:52 PM

Are you trying to ask if people believe that declaring bankruptcy is okay? I think that's what you're getting at, but I'm not sure.

If that *is* what you're asking, I do believe people should pay their debts unless it's impossible to do so--unexpected medical bills come to mind.