Thread: Could people not go into Debt??

Very good question. I haven't had a lot of experience in the real world yet when it comes to financials, but I think the changes in our economy has made it very hard for young and old alike to stay out of debt. Inflation rates coupled with massive outsourcing by American businesses has put a new brick on the back of those who are already carrying around an awful lot of them if you know what I mean, and a public that's obsessed with material possesion heavily manipulated by greedy capitalists influencing our youth doesn't help either. In addition, our president now wants to make new free market trade agreements with a handful of other countries which would no doubt make the situation even worse for middle and low class Americans as that would introduce a whole new level of competition for jobs. My tentative conclusion is that the current and future state of our capalist economy and materilistic society makes it virtually impossible for anyone to stay debt free throughout the duration of their lifetime. Unless they have a plump financial inheritence waiting for them after the death of a family member or something.

The average person of any age cannot live in our society with out going into some kind of Debt. No one would own homes, cars, appliances ect. ect.

Hell, entire countries can't function with out going into debt, just look at the Untied States, their national debt is in the TRILLIONS. U.S. National Debt Clock

Right now I'm saving up to buy my second car (First one was a gift that I couldn't afford to fix up, so I scrapped it, and it was 12 years old). I'll have to get a car loan to pay for it, but not with out saving up enough money to show the bank that I am responsible with my money, and to improve my credit rating.

I think it is possible to live life without a debt, but it would be exetremely hard. As already stated, we just have to get into debt to get the basic of things in life - shelter, transport etc etc.

I also had a little chuckle to myself when you mentioned that you were 26, and your mother said not to get into debt yet. mainly because I'm 19 and already heavily in debt XD But a Uni degree does that too you.

actually on the thought of age, it shouldn't matter about age, it matters wether or not you can afford it - that's what gets people in serious trouble.

Originally Posted by _gwenibe_

I think it is possible to live life without a debt, but it would be exetremely hard. As already stated, we just have to get into debt to get the basic of things in life - shelter, transport etc etc.

I also had a little chuckle to myself when you mentioned that you were 26, and your mother said not to get into debt yet. mainly because I'm 19 and already heavily in debt XD But a Uni degree does that too you.

actually on the thought of age, it shouldn't matter about age, it matters wether or not you can afford it - that's what gets people in serious trouble.

It's funny that you mentioned that you are heavily in debt because of a degree. So, if you want an education that most people do...one has to get into debt. It kind of sums up my point.

I mention my age because I believe the younger generation doesn't get too much into debt. $2,000 maybe but their credit cards won't give them that much. But being mid 20's, your credit is established and you could get loans, cars that you actually want, a house etc. So I do believe age has some part to deal with it. Come on...your car insurance doesn't go down until 25 LOL!

not goin into debt at some point or another would be the same as winning the lottery.

virtually most things we need at some point or another u will required to go into debt. but as for the age thing. well i'm with gwenibe with this one. it really doesn't matter what age u are, cause debt is debt no matter how u look at it. and ur 26 and not in serious debt yet? well that to me is a shock. i thought 22 was the age when most start to think about buying a house or something. but it must be different for different countries and such as we all have different financial situation in the way of interest rate and the cost of living.

Originally Posted by Ryoga_TheLost

$2,000 maybe but their credit cards won't give them that much.

i find that quite funny how u say $2,000 on credit cards is not much debt. cause to me that like the worst kind. cause fat chance u can pay that back straight away, especially if ur young, and interest rate kills. so to me that plenty of serious debt. and u know how some ppl pay that off?. by taking credit for another credit card, man not the smartest thing to do.

Originally Posted by dude101

virtually most things we need at some point or another u will required to go into debt. but as for the age thing. well i'm with gwenibe with this one. it really doesn't matter what age u are, cause debt is debt no matter how u look at it. and ur 26 and not in serious debt yet? well that to me is a shock. i thought 22 was the age when most start to think about buying a house or something. but it must be different for different countries and such as we all have different financial situation in the way of interest rate and the cost of living.

i find that quite funny how u say $2,000 on credit cards is not much debt. cause to me that like the worst kind. cause fat chance u can pay that back straight away, especially if ur young, and interest rate kills. so to me that plenty of serious debt. and u know how some ppl pay that off?. by taking credit for another credit card, man not the smartest thing to do.

Well, being in the military...you don't get into debt really. You are taken care of pretty well. What I've noticed was starting that new part of my life...which is getting married. When I got married, that's when one gets into debt buying the things that you need to build and start your life off. That's why I asked my question could a regular person have a life without debt.

Sorry to burst your bubble guys, but it is possible to go thru life and not get inti Debt. My parents did it, and so have lots of other people. Here's how you do it:

1-The first thing must happen comes from a little luck. You must get into a career that is very stable(i.e. wont get laid off), which only a lucky few do.

2-You must live within your means. Which comes form managing you money right, and now buying sh** you don't have money for. Charging everything is one quick way for this to happen.

3-If you've done #1 and #2 you can get some loans with will help on the big necessity's of life. Like for a car or house.

4-Start saving your extra money in the bank for emergences.

5-Invest, Invest, Invest....