Christy Asks “Why Should I Even Bother With Getting Out of Debt?”

Posted by Steve Rhode

September 10, 2008

Christy wrote me at GetOutofDebt.org and asked me the following question.

“I’ve been in debt so long I don’t even see why I should bother to get out of debt. It’s the American way. You get stuff, make payments and get more stuff. I think I’ll just stop worrying about getting out of debt.”

Christy,

You are right, the cornerstone of every capitalistic society is based on consumption. That’s why we are called consumers. Everything runs smoothly for the masses when everyone is buying stuff. You see that creates jobs, wages, spending, and the cycle continues.

Right after the attack on the Twin Towers in New York, President Bush even came on television to encourage people to get back to shopping to help keep things going. Shopping and spending, it could be argued, is the average persons greatest contribution to society.

Most people will always have some amount of debt. Debt is not just credit card obligations, but also mortgage payments, car payments, and all sorts of other future obligations which we pay on.

With the cost of home these days it is unusual for someone not to have a mortgage, at least. So in that respect, most people will always be in debt and always making payments.

Some of the most common reasons people want to get out of debt are:

Freedom
Less Stress
Stress Free
To Have Money
Save For Retirement
Peace of Mind
Better Credit Reports
Credit Rating
Less Worry
More Ability to Give to Charity
Good Credit Score
Be Able to Retire
More Financial Freedom
No Debt Collector Calls
Fewer Monthly Bills
Happiness
So You Can Sleep
No More Guilty Feelings
So You Can Spend

Worry about debt is not uncommon or unusual. Huge swathes of people are fretting and chewing nails about their debt right now, and today, couples will do more than that. Fights will break out about debt, people will get killed over debt, people will kill themselves over debt, a child will be bruised, someone will be robbed, and all this under the umbrella of being in debt.

Debt like many other things in life, in moderation and under control, is not bad. But if you find yourself in a situation where the amount of debt that you have is keeping you from accomplishing the goals in your life, then we’ve got a problem.

Big hug.

Steve

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