Comments on: Debt: Instant Gratification With a Hangover

By: Derek Chamberlain

Derek Chamberlain — Mon, 29 Jul 2013 16:36:02 +0000

Credit card companies seem to prey on the 18-year-olds because they are easy targets to load up with debt. Sorry to hear you got caught in the trap- but it sounds like you made your way out.

It almost seems like Congress should outlaw any type of perk that comes with using credit cards (rewards, sign-up bonuses, t-shirts, etc.) to prevent people from getting hooked on the things, but that would never happen…

By: Daisy @ Prairie Eco Thrifter

Daisy @ Prairie Eco Thrifter — Mon, 29 Jul 2013 12:59:04 +0000

I got myself into some credit card debt when I was 18 that was a real eye opener. It gave me a sense of panic all the time and I felt guilty buying anything. But I’d still do it because I was hooked to instant gratification – I needed things now!

By: Derek Chamberlain

Derek Chamberlain — Thu, 25 Jul 2013 11:02:05 +0000

Holy crap! That’s a huge income boost over the years. Congrats on that!!!

To me, it’s just a question of pay me now vs. pay me later. Everyone has to decide the trade-off for themselves. For instance, is there any of that stuff you bought with debt that you could have waited a year to purchase? Any rough idea how much you’ve lost due to interest payments?

By: The Financial Blogger

The Financial Blogger — Thu, 25 Jul 2013 00:57:51 +0000

I think that as long as you have the potential of increasing your income each year, debt is not the end of the world. However, at one point you have to pay it back!

I’ve been buying a lot of stuff while my income went from 30K in 2003 to 131K last year. Now I’ll be using this extra income to pay off my debts.

By: Derek Chamberlain

Derek Chamberlain — Wed, 24 Jul 2013 17:34:48 +0000

Yeah, she was giving those payday lenders a run for their money!!!

By: Derek Chamberlain

Derek Chamberlain — Wed, 24 Jul 2013 17:33:05 +0000

Lifestyle inflation is very difficult to combat against when the money begins to roll in unless you’ve thought of very specific financial dreams for yourself and packaged these into goals that you can audit against. I think many fall into this trap without even realizing it.

By: Derek Chamberlain

Derek Chamberlain — Wed, 24 Jul 2013 17:31:20 +0000

Yeah, it’s funny that I can remember this from all of those years back. I truly was an awesome lesson!

By: Steve

Steve — Wed, 24 Jul 2013 17:27:21 +0000

Your mom charged you an annualized 3200% interest? Outrageous! Though in the end, a cheap lesson.

By: Monica @MonicaOnMoney

Monica @MonicaOnMoney — Tue, 23 Jul 2013 17:47:18 +0000

Great title, very interesting point!

By: Rich Uncle EL

Rich Uncle EL — Tue, 23 Jul 2013 15:09:37 +0000

I always hated debt when I was younger and my income was smaller, but when I got the highest paying job at that point in my working career something changed. I saw the income as an excuse to borrow more because I could pay it back. It didn’t hurt also that in my mid 20’s was the height of the borrowing credit card craze in this country. Debt Free is the only way I want to live.