Agree…completely.

That is why my family carries NO, ZILCH, ZERO, NATTA…debt at ALL. Not even a morgage. And, I might add, we do this on a lower income salary.

I’m not looking for praise. I don’t want a pat on the back. We didn’t do anything great or grand. All we did/do is live with in our means.

Emily’s right, a vicious circle is being set up to cater to the American public’s greed and perceived need to maintain and upgrade our lifestyles. Greed in general has taken over every facet of our lives. We can’t go into a fast food place without having “biggie” selections pushed hard. The average consumer feels they have to upgrade to a bigger house, better electronics, nicer cars and more expensive amenities in order to fit in and be part of the ‘beautiful’ people.

But we’re following the wrong role models. Times are very tight for us right now. Even tho’ we are also debt-free, my husband lost his job, and the job he has now does not quite cover the meager expenses we have. Nonetheless, I suspect that when things get worse before they get better, we may end up in better shape than many, just because we’re very deliberate about how we live.

Living within our means is not popular and can be difficult, but if you’re talking about the survival of your family, it’s essential.

I’ll be the new voice here. I’m one of the “in debtors” and agree with the article whole-heartedly. I made my mess, I’m cleaning it up. I know the principles to living debt free and how to be financially successful.

My husband and I started our business and this is where the debt started. We weren’t the one’s living beyond our means to “get things” we were creating a business so that our children would have a better life….that in and of itself does create debt BUT then with the busyiness that starting your own business creates we dropped the ball on a lot of the principles that we are FULLY aware of.

We don’t want to be “bailed out” of our situation but we’d also like everyone else (including the banks and car companies, etc.) to clean up their own mess! I don’t want our government running any more than they do already (because honestly, I think they screw it up, Republican or Democrat).

What we’re doing now is getting back the the principles that we know work, give (tithe) 10%, Save 10% (although we’re increasing that), pay our bills and live on the rest. Coupon clipping and being smart about sales has become my new hobby.

Thanks, I do see how people could be paralyzed by these situations and I do see (only too well) how people who are already in over their heads would be enticed when credit card companies are still throwing money at them…the thought “things will be better in a year” sneaks into your mind. When mortgage companies are offering no interest mortgages you start to think, ‘hey that’s the extra money I needed to keep this business going for the next year and when business picks up it’ll be easy to pay it all off…’
These are thought patterns that get people in trouble the “somedays” don’t always come; preparation and careful planning work SO much better…of course this is all in hindsight! But I take it as a lesson learned and am here to help others out with my experience hopefully those who need to hear it REALLY listen.

Thanks again this is a great site!

@Deb Burton
A wise man once said ” I have learned to be content no matter what condition I find myself in”
Lack of contentment is a large part of our problem as I see it.

@Danielle

I tip my hat to you. It is never easy to change course like you all are doing. We have been there in the past and I can tell you the payoff is worth all the difficulty that change seems to bring!

There are some out there trying to do the right thing with their debt situation (like my family) and yet there are others who find it is the governments responsibilty to take care of us when WE make the mess. We, as Americans, are SPOILED!!! Maybe some people need to see what happens when they get themselves in too deep. On election day this past year, I heard a woman on the radio from my state say that she is voting for Obama, because then she won’t have to worry about paying her car payment or worry about paying for insurance anymore. He was going to take care of us! Ugh!!! This is what the US has come to be, and it scares me!

The video below makes the point rather well

@Mama Bear
How long did it take you? Besides the normal advice do you have any other tips that you found along the way?

Great Story btw.

@Sarah
Personal responsibility is not currently en vogue on the national scene, however I believe the renewed interest in frugality shows that many people are willing to take personal responsibility .

@Monique
Very good point about the loan. No one forces you to borrow more than you can pay back.

i just finished reading “the forgotten man” a new history of the great depression by amity shlaes. it was very enlightening to say the least. i have been researching and studying the great depression years as well as paying attention to many oral histories as well. this economic mess we are currently in is gonna get worse and anything a person can do to lessen the pain to come should be done…personal responsibilty comes with being frugal, being out of debt, and living below your means. dont’ let your wanters be bigger than your getters… the rewards for having it all and having it now just are not worth it!

@caryn verell
AMEN!

@Robynn’s Ravings
You are right is was a bubble that was going to pop, but it was also a bubble that did not have to be. If we had taken personal responsibility sooner. Right most of what I hear from the median at large is how the Federal Government is going to take care of (read responsibility for) the mess

Let me just say, Hear hear! And give a for exmple.
For example, a good friend of mine pulled into my driveway a few weeks ago in a brand-new Nissan. I, knowing their financial situation, said, “who’s car is that?” She said, “Ours.” In response to my quizzical look, she said, “Oh, we couldn’t afford to pay cash for a decent used car, so we are leasing this one.”
Ah, and there it is.
XOXO
Joce

@drd
No one makes people take loans they can’t afford. Period. Full stop.

No one coerces men and women to take adjustable rate mortgages that we won’t be able to make the payments on when the rates go up.

No one forces anyone to refinance their house in order to pay for big ticket luxuries – vacations, tvs, sending their kids colleges they can’t afford.

These are the kinds of things that led to this crisis that could have been avoided with a little personal responsibility.