Comments on: That guy is ‘drowning in debt’ … are you?

By: Ryan Healy

Ryan Healy — Sat, 02 Feb 2008 21:46:18 +0000

Great post, Kacie. You and I must be on the same wavelength. The day after you posted this, I wrote a very similar post, which Lynnae featured in her link roundup. In fact, that’s how I found your post!

By: Weekend Roundup - Superbowl Weekend Edition | beingfrugal.net

Weekend Roundup - Superbowl Weekend Edition | beingfrugal.net — Sat, 02 Feb 2008 18:18:48 +0000

[...] That Guy is "Drowning in Debt" - Are You? at Sense to Save. Do you think there’s hope for him? [...]

By: Urbanfrugal

Urbanfrugal — Sat, 02 Feb 2008 01:53:35 +0000

Frugality is becoming fashionable especially among people who are drowning in debt. Unfortunately they are espousing this lifestyle late and are forced into it, rather than embarking on the journey by choice.

By: Tenille

Tenille — Fri, 01 Feb 2008 14:45:59 +0000

The thing about the “I deserve it” mentality, is - who doesn’t? Like, who “deserves” to live in slums? Who “deserves” to not have shoes? We are so blessed in this country and we don’t even appreciate it, we just always clamor for more and more. Greedy!

;) Sorry, went on a little tangent there!

By: S.B.

S.B. — Fri, 01 Feb 2008 13:12:21 +0000

I think some people just can’t get into the right mindset needed to get out of debt. Me, I want it so bad! I want to get rid of these stupid student loans. I watch Dave Ramsey and think I want to call in and scream “I’m debt free.”

I agree though, it takes guts to post your situation out there.

By: Jason

Jason — Fri, 01 Feb 2008 10:25:27 +0000

Kacie,

A very interesting post indeed! One shouldn’t wait for a raise in income or a tax rebate or the like…you never know when you’ll be be in debts or when you’ll need money..money is so valuable that before one spends it extravagantly, he needs to give it a thought that one may need it someday desperately.

Quite true that habits don’t change in a day. So, converting from being a spendthrift to frugal mentality isn’t that easy. The best thing therefore is to plan and budget so that while you earn, you don’t forget to save.

By: ms. m&p

ms. m&p — Fri, 01 Feb 2008 02:38:38 +0000

I give him props for putting himself out there. He had to know people would jump on his back–and it has to be a little embarrassing to go public with that much debt. That said, you’re totally right. He’ll have to WANT to be debt free and want that more than the stuff he has. He and his wife are so young, so they can do this and still plan for retirement, but they’ll have to buckle down.

great post!

By: Lynnae @ Being Frugal.net

Lynnae @ Being Frugal.net — Fri, 01 Feb 2008 01:21:05 +0000

I hate the whole “I deserve it” mentality. Even if you deserve something, if you can’t afford it, that should be the end of it. I think I deserve a trip to Hawaii, too, but unless I save my money, I won’t be taking that trip.

You’re absolutely right that bankruptcy won’t help him unless he changes his thinking. I really hope he does.

I think it’s time for a frugal revolution! We need to make frugality fashionable! :)

By: Rachel

Rachel — Fri, 01 Feb 2008 00:16:31 +0000

I read this story earlier and I talked to my DH about it on my lunch break. Sometimes we stress over our money situation and how things are going, but I keep pointing out to him the positives. I am *so* glad that we never got into this trap. Well, DH did to some extent before I knew him, but he limited himself to squandering what he had and not what he didn’t have, at least. We have our mortgage, but never carry credit card debt and drive beater cars so we don’t have to worry about car payments and high insurance rates.

By: Mrs. Micah

Mrs. Micah — Thu, 31 Jan 2008 23:42:13 +0000

He’ll definitely have to see debt-free as some kind of status symbol. And as something enjoyable.

At least he’s got a good rent, under $1000/month. That’s much better than having a mortgage or a more expensive place. So rent is less than $12k per year.

I do wonder how he’s going to handle paying it all back. I mean, the majority is on credit cards. But I think once he gets in the mindset, he’ll find a way.