Isn't this statement kind of flippant?

[MaggieTheCat]

A friend of mine on Facebook made a status update a little while ago that she's trying to organize and pay off some of her bills. Then a friend of hers made this comment in reply:

"As for being in debt... you always will be so don't sweat it and do what you can."

So, I'm curious what everyone thinks of this statement. I think it's pretty brash for someone to be so casual about debt. "don't sweat it," like debt is no big deal. I know there are people who are in debt most or all of their lives so I understand just being able to do what you can do when you can do it. But are people really so casual about it? I think debt is a big deal and people should at least take it seriously and try to dig themselves out instead of just brushing it off like that. At least, that's how I was taught by my parents. They taught me to always pay my credit card bill off immediately so it wouldn't gain any interest, and that if I couldn't pay it off immediately, I shouldn't have made any purchases in the first place (unless it's an emergency like medical bills.) Also, I don't really see this comment as good advice (the person who made the above statement is in her 40s-50s and was telling it to a gal of about 23. Great way to encourage a young adult to not care about debt.)

Also, for the record, not everyone is always in debt. My husband and I are, in fact, 100% debt free at the moment and have quite a bit of money saved up. We have a good car (yes, just one) and both of us have at least some college education (he has a full bachelor's degree, I have a technical degree and an associate's degree.) We don't have a house but we are happy living in our apartment at the moment and will probably get a house eventually, after we've saved up more.

[BroomJockey]

It would be flippant, if not for the "do what you can" bit at the end, I think.

Unless you can pay for your house in full, up front, you're going to have a mortgage, and those tend to be measured in decades. So, if you buy a house, you're likely to be in debt most of your life, making it a fair comment. I think it was meant as more of a "don't cry yourself to sleep worrying about the bills" kind of statement, as I know people who every time they get a new bill, even if they can pay it immediately, completely stress until the payment's cleared. Because it's a debt.

[Tanasi]

The wife and I are debt free, I paid off the farm 10 years ago, I don't buy cars unless I have the money, my car washes, laundries and other business ventures paid for themselves within 5 years and since then those proceeds went into my kids college funds.
Now my wife has business debt but since I'm not part of that business I'm not responsible.
Living debt free is hard and nearly impossible for some but for most I think it's very much an achievable dream.
A close friend of mine found himself, divorced and $62K of credit card debt. He brought home less than $2K a month. He through a legitimate credit couseling service he got on a payment plan and paid off those CC in less than 5 years. Now he has money and stills lives a frugal lifestyle and is saving his money. He hopes to retire at 60.

[Boozy]

Debt isn't always so bad.

I actually carried credit card debt on purpose for about a year or so in 2007. There was a perfect storm of high interest rates for savings and low introductory rates on credit cards, so I took advantage of that.

Our farm uses a business line of credit to keep operations running smoothly throughout the year. Some days the balance closes at zero, other days it doesn't. Most large scale businesses, even immensely profitable ones, will use revolving credit like this throughout the fiscal year. (This is why when the commercial paper market dried up in early 2008 everyone started panicking).

Mortgages make good sense in many situations, for most people. It allows people to buy homes when they need them (when they are raising a family, for example) instead of waiting until they have the cash outright (when they're 60 and no longer need a large home).

And don't forget that debt is the basis of our entire capitalist system. It allows entrepreneurship and innovation.

But I think what your friend was really getting at is that worrying excessively doesn't help any situation. And she's absolutely right when she says "do what you can" -- and then relax. You may not always have debt, but you will always have problems until the day you die. If you wait until everything is perfect to relax, you'll never enjoy life.

[AdminAssistant]

Well, for some, debt is just...how it is. By them time I finish all my degrees, I will have racked up around $40,000 in student loan debt. I owe about $2K on my credit card, most of which compiliated over the summer when I was making next to nothing. I don't stress out about it. If I need groceries and I don't have ready cash, I use my credit card. I charge Christmas presents, clothing, shoes...Many people would say I'm irresponsible. But I'm not really, at least I don't think I am. I don't go out and spend ridiculous amounts of money on frivolous things. Everything I buy, I use until it wears out. If my options are 1) wear the jeans with a hole in the crotch or 2) charge $30 for a new pair of jeans....I'm gonna get the new jeans. I'm going to buy groceries, and I refuse to live on ramen and Easy Mac, despite the fact that I make just enough to keep from qualifying for food stamps or any government aid.

But I'm the only one responsible for my spending. One day, the credit card and student loan debt will be paid off and I'll try to live as debt free as possible from then on.

[kiwi]

My partner and I are working on being debt free (except for our mortgage) as soon as possible. I HATE consumer debt.

[BlaqueKatt]

I'm just annoyed by the "we'll help you out of credit card debt" places. I'm in debt from medical bills-got sick without insurance and after that had an ER trip that the insurance I finally did get refused to pay because it wasn't an "approved" hospital(having heart attack symptoms I was supposed to drive/get a ride to a hospital an hour away) so I'm almost $7,000.00 in debt, but because I didn't buy crap I didn't need and put myself into debt I can't get any kind of help/assistance-I have payment plans but they charge me more in interest than some credit card companies do.

[Fryk]

Being in debt can't be a big deal. I mean deficit spending works so well for the U.S. as a whole, so it MUST work for individuals, right?


RIGHT??

[Rapscallion]

Being in debt can't be a big deal. I mean deficit spending works so well for the U.S. as a whole, so it MUST work for individuals, right?


RIGHT??

Depends - there's borrowing to invest and then there's a desperate scramble to pay for a bill you've been landed with.

Rapscallion

[Depot Denizen]

By the time I'm finished with school I'll have about $100,000 in student loan debt. It sucks, but I hope to pay it off as soon as I can. I'm making really good money now, and once I get my truck and motorcycles paid off (they aren't that much) and some other stuff done I can plunk away at the student loans.

[Boozy]

Being in debt can't be a big deal. I mean deficit spending works so well for the U.S. as a whole, so it MUST work for individuals, right?

I'm assuming you were being sarcastic, but the answer to your question is "Yes, sometimes deficit spending is the correct course of action and will provide long-term economic gains."

The most obvious example for an individual is student debt. Going to school gets you a better job in many cases. It's a smart move for people to accept temporary debt for the long-term benefit of more earning power.

[LewisLegion]

Right now my only debt is my mortgage from the house I just bought. Before that, I was totally debt free for six years and before that, my only debt was my car.

I'm a big BIG proponet of 'don't buy it if you can't afford it'. The obvious exceptions are schooling, houses and cars which most people can't EVER buy right out.