This might almost be “TRA, 3.2,” because controlling personal debt could easily be seen as a citizen’s duty… at least modeling the concept for our wonderful Triumvirate of Greed and Envy and the rest of the little piggies in Congress…
Fred Reed proves once again that anyone can say something of profound wisdom. Talking about recent news:
One story says that Americans owe some bizarre sum on the credit card and god knows how much on the McMansion and on the five-hundred horsepower riding mower with a mini-combine, backhoe attachment, and satellite GPS for mowing the half acre. I think I’m supposed to feel sorry for them. Actually I think they are a persuasive argument for eugenics.
I don’t get it. What is wrong with these idiots? Debt is easy to avoid. Herewith some blinding wisdom: If you can’t pay for it, don’t buy it.
“[O]we some bizarre sum on the credit card”? If you’ve begun implementing a frugal, tightwad lifestyle, then you’ll have a lil extra at the end of every month to stock your pantry, add to your collection of silver (or some other form of savings) and pay down your debt. If we pull through the next four years and emerge bloody but unbowed, well and good. You’ll be in better financial shape than your neighbors who kept trying to ride the credit gravy train.
But, IF (and it’s still a remote “if”) the SHTF and we find ourselves facing TEOTWAWKI (Ragnorak, Armagedon, whatever), you might think owing big bucks to your credit card companies would be no big deal. The big reset button will have cleared all your debt.
Bum thinking, dude. It’s all about owning up to personal responsibility. Surviving with integrity. “For what does it profit a man to gain the whole world and lose his own soul,” as someone once said…
Think of it this way: pay down/pay off your debts and there’s no TEOTWAWKI event, you have the monkey off your financial back and you are an honorable person. Pay down/pay off your debts and TEOTWAWKI does happen, you can start over knowing you satisfied your honor and are free of the moral debt you owed to pay your financial debts. Both good things.
Individuals practicing personal responsibility: essential for victory over The Triumvirate of Greed and Envy*.
*What?!? No one commented on “Triumvirate” referring to “Greed and Envy” (just two things)? The “triumvirate” of greed and envy resides in… the third part of the equation: the person who allows them living space.
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I got into trouble with credit cards a looooooooong time ago. I have a credit card or two, and I don’t buy anything unless I have the money in the bank to cover it with a check. It is still good for your Credit Score, but that’s about it. (Except that’s whole point of having one in the first place for me. lol) Have a nice day.
I know this will sound like a crass commercial–to borrow the term from a talk show host who I won’t name–but there’s a site called “living on a Dime” that offers some e-books on getting out of debt, budgeting, buying food wisely, buying gifts wisely, etc. It’s linked on the right sidebar of my blog page under Survival Lifestyles at http://www.destinysurvival.com.
John
My wife and I had problems with credit card debt for a long time. We finally got rid of it and were able to gain quite a few other benefits besides the good feeling of not having those outlandish interest rates hanging over our head. Things like actually qualifying for a mortgage so that we could buy our own home.
We nearly fell into the trap again thanks to the aggressive marketing of credit cards to homeowners. Thankfully we stayed away from credit cards. Today we don’t hold a single credit card, and we make our purchases with cash (or our debit cards, which amounts to the same thing).
It’s a wonderful feeling not being saddled with all of that revolving debt in a time when the economy is facing such uncertainty.
Now, if only (as a 3.x) post would have it, we could teach our congresscritters the same principle on a national scale. Or our state legislatures… They’re the ones crying for a federal bailout about now…
John,
That’s exactly what I’m looking for: comments that give readers more resources for Doing the Right Thing.
Perri,
Yes, this is a “TRA 3.X” principle we need to work to pound into our congresscritters’ heads as well, and as citizens who learn to behave this way get involved in the political process locally and at State and federal levels, perhaps we can elect more “frugal politicians” to office. Perhaps. Really swimming against the current, but we need to.
David, good advice. TF and I are out of debt except for the house. We have a couple of charge cards but we only charge what we can pay off at the end of the month. We are working on increasing our emergency funds and we have food stored to keep us going during hard times.
When you are born of depression era parents, you learn real quick how to stay out of debt and use every little thing that you have. PS. I love listening to Dave Ramsey, he has wonderful ideas…