Comments on: 10 Excuses for Going Into Debt

By: Ron

Ron — Mon, 06 Oct 2008 22:29:35 +0000

#Dana @ Letters to Elijah→ Thanks for the comment Dana, I pray things are working out well for you and your husband. Divorce can take years to overcome just to get back to where you started.

By: Dana @ Letters to Elijah

Dana @ Letters to Elijah — Mon, 06 Oct 2008 14:13:58 +0000

Excellent Post! Great thoughts to chew on.
You are so correct about divorce. It took my husband and I about 5 years to recover from his first marriage’s financial woes.

By: Girls Just Wanna Have Funds-Personal Finance For Women

Girls Just Wanna Have Funds-Personal Finance For Women — Mon, 06 Oct 2008 12:08:53 +0000

[...] Ron from The Wisdom Journal presents 10 Excuses for Going Into Debt [...]

By: Link Love :: the Hostess With the Mostest edition | simple mom

Link Love :: the Hostess With the Mostest edition | simple mom — Sat, 04 Oct 2008 10:02:18 +0000

[...] 10 Excuses For Going Into Debt :: The Wisdom Journal [...]

By: Meg

Meg — Fri, 03 Oct 2008 13:09:40 +0000

#Ron, yes I will agree that financial illiteracy is definitely a crisis — and unfortunately very widespread. No argument there, I phrased my response wrong I guess.
I agree with you and Anthony, we must be teaching this in our homes and even churches, because it is not being taught in schools.

By: Ron

Ron — Thu, 02 Oct 2008 18:10:58 +0000

#Anthony→
You’re right. The three most important things we can teach are 1. money management, 2. getting along with your spouse and others, and 3. having a good work ethic.

Sadly, these take a back seat in schools and homes these days.

By: Anthony

Anthony — Thu, 02 Oct 2008 17:45:31 +0000

I think #6 covers many of the others. We need more financially literacy (well, literacy in general) in this country. The basics of money is not taught from an early enough age, and the result is a near bankrupt nation.

By: Tsh from Simple Mom

Tsh from Simple Mom — Thu, 02 Oct 2008 17:37:41 +0000

Very well done article, Ron! I couldn’t agree more. I hate, hate, hate debt and see very little redeeming value in it. Stumbled and will link to it on Saturday.

By: Ron

Ron — Wed, 01 Oct 2008 23:37:27 +0000

#Meg→
Would you consider financial illiteracy a crisis? I would. Especially in this economic environment.

I don’t consider the monthly expenditures that someone puts on a credit card and pays off every month to be debt…really. So long as they DO pay it off.

The reason I say debt is “almost” always a crisis is that in most cases when someone chooses to go into debt, there is a cash crisis. The wealthy don’t borrow because of a lack of cash, they borrow because their cash is making more for them than the interest charged on their debt.

We agree on buying appreciating, income producing assets. I suspect the prices on those types of assets will begin to rise as investors look for better places to park their cash.

By: Ron

Ron — Wed, 01 Oct 2008 23:28:08 +0000

#Scott @ The Passive Dad→
Actually … my neighbors once got a credit card offer in their dog’s name. They filled it out, sent it in, and received a card with “Fluffy Harris” on it and a $500 limit. True story.

You’re right, ALL debt is paid, even chapter 7 bankruptcy debt is “paid” by the creditor in one sense. Someone ALWAYS pays.