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The Rev · 06-12-2008, 06:55 PM

I think Ego is a bigger problem than money, personally, but I can vouch for the debt slavery thing. I once calculated how long it would take to pay off my credit cards if I just made the minimum payments and it came out to something like 30 years. However, if I paid just $20 more, it dropped to 5 years. It became starkly apparent that minimum payments are carefully calculated to keep you bleeding gravy for the banks forever.

I've also noticed that as I start missing payments or having financial problems, I get more credit card offers in the mail. Usually from the worst offenders like Bank of America, HSBC, Capital One, etc; the ones that kick you the hardest when things get tough.

I got into the consumer debt trap like most people. When I was young, having a credit card made me feel important (more like a grown-up, which I still believed in back then). And with so much "must have" shit being thrust in my face all the time, I spent and spent. Buying things makes you feel better, generally, and in a disconnected world like we live in today (in the USA, at least), there's an everpresent need to feel better, to get a little reassurance.

And I believe that more than just the credit card companies are aware of this. In the USA, we have a serious problem with over-spending and over-eating. People live beyond their means in both areas, and I believe it's because so much advertising promises (usually implicitly) that with the purchase of Brand X comes some kind of fulfillment that no one has, but most of us still believe is real.

Personally, I have reached a point where "Fuck it!" is all I can say. I've stopped paying on my cards altogether, and won't pay again until I can reach some kind of settlement with my creditors. I know I made a commitment to pay back the money on the terms to which I agreed, but that commitment was a mistake, and I don't see how treading financial water forever is any kind of just payment for any debt. I know my credit rating is going right in the shitter, but I figure it will take less time to fix that than bleed enough money to satisfy the bank.

For you young people who haven't gotten into debt yet, take my word on this: you will be much happier if you never do.

The Rev

06-12-2008, 06:55 PM	#18 (permalink)
The Rev ~ Herban Legend ~ Join Date: Oct 2002 Location: In my head, somewhere. Posts: 11,877 Thanks: 18 Thanked 161 Times in 94 Posts	I think Ego is a bigger problem than money, personally, but I can vouch for the debt slavery thing. I once calculated how long it would take to pay off my credit cards if I just made the minimum payments and it came out to something like 30 years. However, if I paid just $20 more, it dropped to 5 years. It became starkly apparent that minimum payments are carefully calculated to keep you bleeding gravy for the banks forever. I've also noticed that as I start missing payments or having financial problems, I get more credit card offers in the mail. Usually from the worst offenders like Bank of America, HSBC, Capital One, etc; the ones that kick you the hardest when things get tough. I got into the consumer debt trap like most people. When I was young, having a credit card made me feel important (more like a grown-up, which I still believed in back then). And with so much "must have" shit being thrust in my face all the time, I spent and spent. Buying things makes you feel better, generally, and in a disconnected world like we live in today (in the USA, at least), there's an everpresent need to feel better, to get a little reassurance. And I believe that more than just the credit card companies are aware of this. In the USA, we have a serious problem with over-spending and over-eating. People live beyond their means in both areas, and I believe it's because so much advertising promises (usually implicitly) that with the purchase of Brand X comes some kind of fulfillment that no one has, but most of us still believe is real. Personally, I have reached a point where "Fuck it!" is all I can say. I've stopped paying on my cards altogether, and won't pay again until I can reach some kind of settlement with my creditors. I know I made a commitment to pay back the money on the terms to which I agreed, but that commitment was a mistake, and I don't see how treading financial water forever is any kind of just payment for any debt. I know my credit rating is going right in the shitter, but I figure it will take less time to fix that than bleed enough money to satisfy the bank. For you young people who haven't gotten into debt yet, take my word on this: you will be much happier if you never do. The Rev __________________ THE SECRET OF SUCCESS IN ALL THINGS IS A HEALTHY RELATIONSHIP WITH REALITY DISRESPECT INCORPORATED The Order of the Illuminati "Jesus, I've just realised I've been posting on yahooka for more than a quarter of my life!" -Sir-Ex R.I.P. Governor We know you're smokin wherever you are.