I understand the importance of living frugally and within ones means. However, shit is hitting the fan for a lot of people and even those who are responsible are having to get creative.
Are we counting on "The Great Reset?" The biggest FU to the banks, go down with the ship? With interest rates at stupid numbers and a financial collapse every 10 years, what the actual fu*k?
Whats the endgame?
Credit card debt should never be a problem for anyone. Telling yourself no when you don't have the money to pay for something is not that hard. Emergency things are a different matter.
TBS, 2020 destroyed my revenue streams that bolstered my SS and made it possible to live debt free. With the lockdowns also came mandates that were despotic like masking and I did NOT agree to them resulting in using up my credit points with Amazon for groceries which also meant transfers to another account. It has gotten so bad that I went into a debt reduction plan that will take up to 48 months to complete; it is a race now between bank failures and my successful conclusion of debt.
Most credit cards charge a rate over 20 % and some close to 30% if calculated on a monthly basis with their other fees. This would be called racketeering if it were not banks. Loan sharking for sure.
Dave Ramsey has great advice on how to get out of debt without using tricks or services. Recommend checking out his stuff.
You first make an iron-willed decision that this debt elimination is occurring right now, or else it won't.
Then sell a bunch of crap you don't need; pay off the smallest balance one first, without regard to "interest rate", then apply that payment to the next smallest one, etc. and in a short time it's gone or nearly gone. The strategy works because of periodic positive reinforcement as they get wiped out one at a time.
I have been selling "a bunch of crap I don't need" many times now and the debt reduction plan I have is knarly but I don't need (or want) to use or pay on either card-one has suspended use and have you experienced the cost of groceries these days???
Thank you! We are not all irresponsible types
Early on in my marriage, my Wife had a serious spending problem.
What finally cured her was watching Dave Ramsey when he had his TV show.
Now we only owe 34K on our mortgage for a house that would probably sell for a bit over 400K
Cars are paid off, and we pay the full balance on our credit card every month.
It's a good feeling knowing we'll be completely debt free in 2 years.