That Pesky Debt Habit

It appears that debt is one addiction that we cant appear to kick the habit. For countless being in debt has become a way of life and we are addicted to allure of being able to buy now and pay later. We fool ourselves into believing that the eventuality of having to pay will come and it does quicker than we expect. Unfortunately, with a slow economy that has never gotten of the mat since 2008 the day of reckoning came faster then many hoped for. We piled on the debt feeling safe about our jobs and our capability to pay. Both now seem like illusion of some yester year. Many having lost their jobs and their unemployment benefits.. debt consolidation The credit card and other bills have not stopped arriving even though the paycheck have. Faced with putting food on the table, paying the rent or mortgage and paying the credit cards, the decision is not hard. The credit cards can wait and will be paid when the situation looks better.. Perhaps this was the only way that we could learn our lessons and come to grips with reality that we cannot live beyond our means. This lesson must be learned by those affected as well as those that are not, as they witness what those around them are experiencing. To blame this totally on the consumer would be irresponsible. Credit card companies lured many into credit with flavorful offers that the debt addict could not resist. Buy now, pay later, zero interest rate for a year, no annual fee were some of the marketing cries of these companies. Now with the business slow down and faced with ever rising write offs they have turned against the same consumer. They have raised their interest rates to 30%, invented new fees and lowered credit limits, all of which has inflected further pain on the consumer who is already drowning in debt. Mortgage companies also played the same game by offering low teaser rates, low or no down payment and many bought homes that were to big or simply could not afford.. debt consolidation Those homes are now being foreclosed and its occupants left looking for a place to live. This situation has not played itself out and we now face another tsunami of foreclosures. To put blame on anyone is an useless exercise because everyone involved consciously new the possible consequences and still moved ahead. Pointing out a single party as responsible would be opportune, but useless. It cannot change was has already been done. However, learning the lessons is all-important, so that we will not repeat the same errors. This and kicking the debt habit once and for all possibly will be the positive legacy of this period in time that we are still in middle of living through. debt consolidation
This may not be of much help to those in deep debt currently. But there is hope and a way out and debt relief programs such as debt consolidation and debt settlement exist to help them get back to financial sanity and move on. As with any problem, it does not go away ignoring, it must be dealt with.