Debt Support Group

I thought this was an interesting article/survey:

http://news.yahoo.com/s/nm/20091030/lf_nm_life/us_money_survey

I can't say I'm thrilled with this economy, but I do know that once I escape the jaws of debt, I intend to never return.  And that is a positive.  And I've (sort of) enjoyed the challenge of cutting back.

Thoughts?  Discover any silver-linings?

I am a little sad it has come to this honestly. When a friend of mine comes to me and says "I can't afford to make my minimum payments" it is not a good day. I know a few are not far off a statement like that.If one of them lost their jobs it would be tough. I would love to think this recession has dealt some hard lessons. However ripping the band aide off is not going to fix this problem. As soon as they get a little reprieve they will go back to spending. It would take something pretty drastic such as someone showing up at their house and taking away all their stuff or kicking them out of their homes to make a difference. I honestly don't know what it would take for that happen nor do I intend to find out. Soon and not in the far off distance my bf and I could survive with one income. That is the goal.

People today live way out side their means, they don't even know what their means are most of the time I would guess. People hear and learn what they want to. The fact they are overspending, can't buy something when they want to and are destroying their children's futures is not what they want to hear so they tune it out.

I have had 4 people's bank cards(debit card, I live in Canada) declined today at my store. Maybe it is sinking in, maybe. I just seriously doubt it.

You made some interesting points.  I can just imagine your discouragement when credit cards are denied at your store!

My purpose of posting the article/survey was really to get personal perspective...do YOU think YOU'LL return to past spending ways when (and if) the economy gets back on its feet?

To be honest, I don't think credit will ever flow the way it did several years ago, and I think there is some good to that.  I'm caught up in debt, and I thought I could just ride it out since I believed (foolishly) that easy credit will always be the standard...I'll just shuffle it around.  Those days are over.  And I'm learning that I don't ever want to be in this position ever again. 

I think it is a good thing. People are waking up and...hopefully...reconsidering their wants vs. needs. It's mostly Americans who have gone overboard in consumption, so on a global scale we are once again consuming more than anyone else. What gives us the right to be so greedy?

Anyway, for myself this has been good. We are finding that we aren't terribly affected by the economy. We've lived frugally for many years and only in the past 10 years have found decent jobs and started saving for retirement. People we know who have had great jobs for 20+ years but didn't do a great job of saving are really at a loss of what to do next. They've never sold all of their possessions and moved across the country (or out of the country) for a job that may or may not work out. We've done that several times and know that we have many options if things go belly-up where we are now.

The best thing to happen on the home front is the outrageous rates from credit cards. It's finally sinking in with DH that credit cards are not a life line. They have got to go and cannot be used for any reason. I'm so happy he "gets it".

Dee

I have worked hard and saved my whole life. With an income of less than 40K, I just bought a $400K home with 55% down payment. I did this by myself (before DH). My DH lost his job 6 mos ago and can't find a new one. We have been living off my single income. It has taken SACRIFICE! I ride a bicycle 20 miles per day (and I'm 2.5 mos pregnant) to save the $7 bus fare. People used to call me "nuts" and think I was extreme. Everyone thinks I'm a doom dayer or something bc I'll talk about previous global recessions and how we should prepare.

I am not saying, "I told you so" to these ppl. But we have to make sure we are covered in case of emergencies - that is just common sense. But somehow in our time of endless credit, it has become seemingly unnecessary to the majority.

In the last 5 months, I have had sooooo many people come to me for advice. I am astonished at their lack of BASIC household accounting knowledge! It takes me many back and forth conversations to help them. But this is new. I have never had ppl asking me for help before. I sincerely believe that whatever happens in the economy, what they have learned from this time will stay with them. They can't just "forget" the basics again???!?

Stay on track and good luck everyone.