James Piecowye thinking out loud

Ideas, inspiration and a bit of random.

Debt! What are you doing.

Posted on | January 18, 2016 | No Comments

debt2

Last week on Nightline we had a great conversation about personal debt.

As the price of oil continues to sink it is inevitable that we are all going to have to start to exercise a bit of belt tightening.

But what if you have not been very good at controlling your spending up to this point?

Nightline asked that very question, how well are you doing or how badly are you failing in the world of debt?

Click this link for the podcast of the debt show.

What really grabbed my attention about the conversation was how honest and open people were about their success and failure in the world of debt.

We kicked off the show with a caller telling us he was coming home from the bank with a loan to cover his credit cards, and this was the 2nd time he did this.

It was also interesting to hear a caller talk about how he had done good and was now falling into the debt trap.

And then there was the caller in finance talking about how the system might be stacked against those borrowing!

All is not bad news with debt! If you have patience and self-discipline you can actually make the system work for you.

So what did we learn?

It is easy to get into debt and it is hard to get out. If you are not careful, really careful, you can get yourself into a lot of trouble and that trouble can and will cause you great stress.

So, stay out of debt, start by cutting the credit cards.

 

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