posted on Apr, 28 2008 @ 12:14 PM
Keeb I don't really have any advice to give you, but will, against better judgment, share some thoughts I have on this topic.
First some preliminary info: I have ~$15k in CC debt (accrued mostly during college and right after,) and ~$45k in college loan debt. I work a low
paying job (though I happen to make more than most of the other workers because of my skill set,) and live far below my means just to make payments to
debtors. My student loans have been in economic hardship deferment for 3 years now, but that ends in 6 months, at which time I will be entirely wiped
clean of all income each month. I had made progress a few months ago on the CC debt through consolidation of cards and large payments when possible,
but emergencies coupled with raising costs necessitate their continued use.
Thoughts: I am 30 years old, and feel like I will DIE before being able to fully pay back this debt. So what is the point? Why continue struggling
only to see all the income go to debt that was accrued 9 years ago based on false promises of a high paying job after college? Why put up with the
extortionist practices and interest rates? Why pay for past mistakes when they were made due to misinformation given by predatory liars who
This is how I now view the debt: I will never be able to pay it off. Hence, I will always be paying out monthly. Hence there is no point in paying
as much as I can to reduce balances, it would be years of double payments just to budge them. Hence I might as well go on and pay what I can to keep
them current (which they are and always have been,) while continuing to use credit when it is necessary, since it is never going away before I die
I sometimes imagine life without the debt. I would continue to live below my means, and I would be able to keep nearly all of my income for use where
it is needed in life. It nearly brings a tear of joy to my eye! I would be able to finally help my struggling girlfriend and her two children (not
mine) make ends meet. The thought is nothing more than a pipe dream of course. The reality is that I will continue to make barely enough to survive
(if this factory doesn’t close, which it is close to doing due to overseas competition,) costs will go up, and payout will increase far beyond my
means when student loans come out of deferment (how dare I have studied physics with the initial hope to help bring cheap energy abundance to the
world; in hindsight I can’t believe I was so foolish to think society would pay me back in kind.) The remainder of my life will never be more than
going to work each day as a slave to the system of debt, unless some benefactor chooses to take me on, which is not something I expect to happen,
though my gratitude would be eternal if it did.
So what can people like us do? On these boards I hear a lot of talk about the economy and different takes on how it is affecting people. I have not
heard many of the people in debt speak up though, I think perhaps because we are secretly hoping it all comes crashing down and our debt gets erased
somehow. Others hope there will be a government bailout, you know, like they did for the homeowners and the banks.
I won’t keep my hopes up.