Comments on: Things I DIDN’T Learn in College: Part 7 - How I Experienced the Double Edged Sword of Credit

By: Dangers of cosigning a loan | The Wisdom Journal

Dangers of cosigning a loan | The Wisdom Journal — Mon, 07 Jul 2008 14:16:04 +0000

[...] recently received an email from a reader who was concerned about a loan that her ex-husband cosigned with his nephew. Hi, Ron. A couple of months ago, my ex-husband cosigned a loan with his nephew to [...]

By: 10 Mistakes I Made As A First Time Home Buyer | The Wisdom Journal

10 Mistakes I Made As A First Time Home Buyer | The Wisdom Journal — Tue, 11 Mar 2008 15:54:56 +0000

[...] 2. I went further into debt after making the purchase. After all, we needed furniture and new draperies and new blinds and new this and new that. I also needed to have my head examined. Here I was, fresh out of Consumer Credit Counseling, spending money I didn’t have. I still had not learned. [...]

By: Carnival of Debt Reduction #128 | beingfrugal.net

Carnival of Debt Reduction #128 | beingfrugal.net — Sun, 09 Mar 2008 19:34:56 +0000

[...] How I Experienced the Double Edged Sword of Credit | The Wisdom Journal [...]

By: 5 Massive Money Mistakes I've Made | The Wisdom Journal

5 Massive Money Mistakes I've Made | The Wisdom Journal — Fri, 07 Mar 2008 06:18:52 +0000

[...] Paying high interest debt. I’ve already told you the story about How I Experienced the Double Edge Sword of Credit, so I won’t rehash it here. Suffice it to say that I made some very dumb, selfish financial [...]

By: Carnival of Debt Reduction » Groovy Carnival of Debt Reduction at Being Frugal

Tue, 26 Feb 2008 06:32:12 +0000

[...] The Wisdom Journal tightens up with he got into credit card debt and what inspired him to get out. [...]

By: Ron

Ron — Wed, 20 Feb 2008 02:09:27 +0000

Frugal Dad »
Thanks Frugal Dad. You’re dead on about teaching the kids. It’s very hard for them (especially teenagers) to understand the dangers of a credit card when their friends have those Visa junior type cards. I have absolutely resisted allowing them to even get a secured card.

It took me 8 years to get out from under most of that old debt. That was far too long, but thankfully CCCS was able to negotiate 0% interest rates! Otherwise, I’d STILL be paying on them.

By: Ron

Ron — Wed, 20 Feb 2008 01:28:03 +0000

Mike »
Thanks Mike, she handles almost everything better than I do. I’m quick to think of 8 solutions, generate a plan to implement the top 3, formulate contingency plans for all 3, and then start doing something, anything to get things rolling. I run around like a cat with it’s tail on fire while she calmly assesses the situation and soothes everyone’s frayed nerves. Some people view having opposite personalities as a negative, but we are able to use and capitalize on each others strengths to accomplish more.

To use a farming analogy, I’m calculating the amount of yield to maximize profits, figuring the amount of fertilizer and pest control we’ll need, getting the seeds planted, and telling her of the huge amounts of crops we will harvest in three months. She’s saying, “That’s all fine and good, Ron, but what are we going to eat for supper tonight?”

By: Ron

Ron — Wed, 20 Feb 2008 01:12:41 +0000

Jeff@My Super-Charged Life »
I wasn’t just a slave, I was the punching bag. Slaves can actually do something (pay), I couldn’t even do THAT for a long time. My wonderful wife and I are diligently working to get out from under what remains. I had to put a little on one of my cards to help pay for my graduate school education, but I should have that paid off by the first of May.

Once we get that out of the way, we’re attacking the vehicle loan and our oldest daughter’s braces. I never knew how much braces could cost.

By: Mike

Mike — Wed, 20 Feb 2008 00:30:18 +0000

Wow, Ron, that is a moving story. I’m moved most of all by the power of the teamwork between you and your wife. The way that you and your wife work together sets a great example for your children. The next time that I run into a, well, let’s call it a relationship challenge, I’m going to ask myself how you and your wife might handle it.

By: Jeff@My Super-Charged Life

Jeff@My Super-Charged Life — Tue, 19 Feb 2008 15:10:12 +0000

Hey Ron - This is a great story about how the borrower becomes slave to the lender. Using credit cards can be a very slippery slope with a very hard crash at the bottom. I have sworn off the things myself. In fact, I’m following Dave Ramsey’s advice of getting and staying debt-free.