Financial Future

It seems that debt is one addiction that we can’t seem to kick the habit. We have become accustomed to buy now pay later, which has made this habit harder to kick. Hoping that later will never come and if it does we will deal with it then.

The economic slow down we have experience since 2008 brought this reality home. We piled on the debt feeling secure about our jobs and our ability to pay. Both now seem like illusion of some yester year.

Jobs are gone and most and never coming back, suddenly many are faced with running out unemployment benefits. The credit card and other bills have not stopped coming even though the paycheck have. The choice now is how to allocate the small amount of income available, for, shelter or credit card bills. This choice is obvious. The credit cards can wait and will be paid when the situation brightens.
Perhaps this was the only way that we could learn our lessons and come to grips with reality that we cannot live beyond our means. I sincerely hope that even those that have been fortunate enough not to face this type of situation have learned from what they seen occur to friends, family and neighbors.

To blame this totally on the consumer would be irresponsible. Credit card companies lured many into credit with flavorful offers that the debt addict could not resist. Buy now, pay later, zero interest rate for a year, no annual fee were some of the marketing cries of these companies. Now with the business slow down and faced with ever increasing write offs they have turned against the same consumer. They have raised their interest rates to 30%, invented new fees and lowered credit limits, all of which has inflected further pain on the consumer who is already drowning in debt.
Mortgage companies played the same game, low teaser interest rates, small or no down payment and lured many into buying homes that they could not afford at a time when real estate prices were at their peak. Those homes are now being foreclosed and its occupants left looking for a place to live. This situation has not played itself out and we now face another tsunami of foreclosures.

It really does not matter who you blame, it was a covenant of mutual destruction that will have ramifications for generations to come. Singling out a single party as responsible would be convenient, but useless. It cannot change was has already been done.
What we take away from this experience is what counts.. This and kicking the debt habit once and for all perhaps will be the positive legacy of this period in time that we are still in middle of living through.

This may not much condolence to those in situation of having excessive debt. But there is hope and a way out and debt relief programs such debt settlement exist to help them get back to financial sanity and move on. As with any problem, it does not go away ignoring, it must be dealt with.

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