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Moneywise

How American households are using all the wrong ways to get out of debt

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  • David Centerville, UT
    Jan. 30, 2013 10:28 p.m.

    How about putting your nose to the grind stone and pay the debt down until it is gone. Change your lifestyle so that new debt isn't added. Over time you get out of debt and then stay out of debt. Do things you are in control of. It seems that defaulting on debt and hoping that everyone else will do the same is not taking matters into your own hands. Likewise, waiting for inflation and wages to increase faster than the value of debt also is not taking matters into your own hands.

    There was a time that I thought along these lines. I bought a home and believed that my income would continue to increase so that the mortgage payment would be a smaller percentage. But that hasn't happened.

    It is better to live with as little debt as possible. Being free of debt means more freedom, and really less stress. Debt is a heavy task-master.

  • xscribe Colorado Springs, CO
    Jan. 31, 2013 12:25 p.m.

    While I agree with David, I will add that one shouldn't get into debt in the first place!