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Thread: Could people not go into Debt??

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    Re: Could people not go into Debt??

    Quote Originally Posted by Miroku4444 View Post
    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....
    I wholeheartedly agree. Without a decent job in the first place, there's no way you'll be able to live debt free. And not only should you live within your means, you should attempt to live like you make less than you do...after paying the bills, don't use your excess money for frivolous things, put it in a savings account and pretend like it doesn't exist. By the time I got married, I was putting about half my month's pay into a savings account and never touched it. Once I got to a certain amount, I moved it to a CD with a better interest rate. Two years later, I'd saved enough to pay cash for most of the cost of my new car. But it's true that if you don't have any savings in the first place, getting your married life off the ground is going to be extremely difficult.

    I think part of the problem is that people aren't willing to wait, save and sacrifice to get the things they want. If you've just gotten married, it may be better to just pay rent on a small apartment than to take out a loan on a house you can't afford. Or (and I know this isn't an ideal situation for a married couple), you might consider living with your parents until you have saved enough to live on your own. Like Miroku said, living completely debt-free involves more than a little luck, but having a small, manageable amount of debt isn't the end of the world.
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    Re: Could people not go into Debt??

    ^ wait a minute - what debt are we talking about here -debt as in struggling to pay off a loan

    or debt as already have a loan?

    if so I'm the second ( if there's anything right the governments done - it's made it so much easier to get a degree these day money wise).

    And I agree with Dude101 - 2 000 not that much? That's what starts of. If you can't pay off that $2 000 right away good luck paying it off later with interest rates - and managing money later on.

    I know kids that are already have loans just to pay off their cars - and they need that car to get to work etc etc. Obviously it's local specific I guess, and depends on economic situations in different countries.

    The younger generations does get into debt, credit card, car loans, education fees etc etc etc. As I said in my earlier post it's not about age, it's about what you earn and how you manage your money ( as Miroku has also pointed out) .

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    Re: Could people not go into Debt??

    no i dont belive someone can go thought life with at lest getting into debt at lest once...
    it mighnt be alot of money but still everyone has it at somtime...

    as i hear with a new baby u go though 1,000 pounds or more in a year.

    and buying a house u might need a lon and that will bring u into debt to pay the bank ect back....
    and crdit cards they can take u into it also so i belive someone cant go though life with out it happening at lest once it mighnt be the most money but it will still happen

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    Re: Could people not go into Debt??

    Well I did a little superficial investigation into this subject and was suprised to find this report that states about a whopping 56% of Americans live their lives completely debt free with a minority of that percentage having a very small amount debt, 44% live their lives with some kind of mild debt but are able to take care of it and out of those only 6% are burdened with a very large amount of debt around $20,000+ . But suprisingly the report states the number of Americans in debt is expected to drop, not rise. In my ignorance I thought that the percentage of Americans in debt would have been higher and steadily rising. Anyways as to the relevance of these findings I think it's safe to make the tentative conclusion that at least half of our nations populace are able to remain relatively debt free through their lives; not at all the impossible odds of remaining that I and a few others thought to be so true.

    Here's a link - Are Too Many Americans in Debt?
    It's a relatively short, simple and to the point article so no one here should have trouble understanding it or anything.

    - Kudos to Miroku for not going along with popular opinion lol.
    Last edited by Exoparadapsyphobia; Oct 21, 2007 at 02:52 PM.
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    Re: Could people not go into Debt??

    Quote Originally Posted by Exoparadapsyphobia View Post
    Well I did a little superficial investigation into this subject and was suprised to find this report that states about a whopping 56% of Americans live their lives completely debt free with a minority of that percentage having a very small amount debt, 44% live their lives with some kind of mild debt but are able to take care of it and out of those only 6% are burdened with a very large amount of debt around $20,000+ . But suprisingly the report states the number of Americans in debt is expected to drop, not rise. In my ignorance I thought that the percentage of Americans in debt would have been higher and steadily rising. Anyways as to the relevance of these findings I think it's safe make the tentative conclusion that at least half of our nations populace are able to remain debt free through their lives; not at all the impossible odds of remaining debt free that I and a few others thought to be so true.

    Here's a link - Are Too Many Americans in Debt?
    It's a relatively short, simple and to the point article so no one here should have trouble understanding it or anything.

    - Kudos to Miroku for not going along with popular opinion lol.
    Funny this thread just came up, because my manager were just talking to us about this yesterday at work about how so many Americans are in debt and how Americans average to have about $9,000. Of course it is possible to not live in debt, depending on what someone already said, long term debt or short term debt. But in order to live a debt free life you would have to live a very simple and plain lifestyle, and many young folks and Americans are not able to do this.

    We are all about having the latest things and being consumers. And technically, no one is w/o debt if you live in the USA. With out national debt, every baby born in this country is already in $40000 in debt.

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    Re: Could people not go into Debt??

    no i dont think young people who get married can go on without a little but of debt well maybe they could but only if they were like famous or had rich parents because if you think about it you have to buy neally two of everything or more if your planning on having a family

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    Re: Could people not go into Debt??

    Yes it is very possible to stay out of debt it just requires living inside your means. There are financial planners that can show you not only how to do that but start investing for the future as well.

    Quote Originally Posted by Miroku4444 View Post
    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....
    Well said. I only want to add to #3 with the two exceptions and that is student loans (which should still be tempered as much as possible) and a home loan. Car loans should be payable within 3-5 years at which point they become an investment. For that matter anything you can pay off within 5 years and still be using is considered an investment.

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    Re: Could people not go into Debt??

    I find that hard to believe. I'm 27 and have MAD debt piled up. It's not really by choice, but there are times when you can't afford what you're being billed. I've been in and out of hospitals in the course of one summer--that's where a lot of my debt comes from. I will admit that I used to be pretty irresponsible when it came to checks and stuff--years ago--but that happens to most people, I'm sure.

    The way I figure, you have to start life rich as hell to not be in debt by your twenties. If you have a financial security net, you're set for life.


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