I know that people are in debt because they spend more money than they make, but I want to know the specifics about why and how people end up in debt. I'm not asking for anyone's personal information, just the things people do (decisions they make) that result in financial troubles.
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I, shamefully admit, I was in debt for a while because I lived beyond my means - going on exotic vacations, having the best of everything. Putting it on the credit card. It finally caught up with me. Now, I live a simple and pleasant life.
Thanks for the information. I might quote you and link it back to your profile...if I can figure out how to do that.
rhammond64, I was one of those people who thought that budgets were dumb. When I actually kept track of my monthly spendings and realized just how much money I was spending on frivolous things, I really made some changes. Thanks for sharing.
Good point digitrocks. The first decision that many Americans make as adults is to take out large student loans at age 18.
Good one! How in the world could I forget about that!?!?! I feel like I'll be paying mine off until I'm well into my seventies...I certainly hope that doesn't happen, but that's how I feel.
Thanks, Larry. I'm taking your advice and example to heart.