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Why do some people choose to live in a s*** ton of debt?

Posted by on Jul. 2, 2013 at 11:20 PM
  • 36 Replies
Please enlighten me so I can understand why. My cousin is a waitress and her DH is a plumber yet they bought a home in a million dollar neighborhood for their FIRST house (with the help of our grandma. They lost their house after years of struggling to pay the mortgage, even took out a second loan. But they are still driving luxury cars! So I guess after losing the house their credit wasn't good enough to buy another home. So they ask grandma again for a personal loan so they can buy this "565K fixer upper". WTF? My DH and I make more than they do and live in a middle class neighborhood outside of Los Angeles. I'd like to think because we know our means and don't try to be celebrities when we are not. Why do some people do this? Living in debt like it's their only option instead of humbling themselves into accepting where they belong- middle class suburbs. Gahh. Opinions wanted.
by on Jul. 2, 2013 at 11:20 PM
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Replies (1-10):
Thelmama
by Thelma on Jul. 2, 2013 at 11:34 PM
1 mom liked this

As for us, it was not a choice.  ALL our debt is medical debt. It was either get my son treated for severe illness or well, let him die.  My dh also had cancer in 2003, he is now cancer free.  We are still paying off medical debt and will be for years.  We drive cars that are well over 100K miles but we owe nothing on them. We rent because medical debt ruined our credit score.  We live paycheck to paycheck but we are slowly but surely digging out.  We will make it one day, but it wasn't by choice.  We used all our savings for medical crisis and then some.  

Luv.My.Kidz
by on Jul. 3, 2013 at 12:07 AM

For some people it's the choices they make that aren't the greatest like your cousin... for others it's medical bills that kill credit. :( 

For me it's a bit of both. I made a really bad choice of co-signing on a loan for my ex... he skipped town after the car got repo'd never told me about it until I got a call from the loan company for the $18k left on the loan...I asked them how much was left on the loan, when they told me the $18k I about shit myself. Asked them if they would take my vehicle as trade (worth about $8k) and I would pay down the rest in a more fesible payment for me and have him taken off the papers.... they refused *sigh* so they took it to auction.... they got $7k for it and now I have to pay the $11k back and I can't afford it. :( Had they taken my vehicle as trade in I could have done it because it would have dropped the payment to $200 a month and I would have had it paid off already, and I would have a better vehicle than I do now. :( 


destiny83
by on Jul. 3, 2013 at 12:09 AM

Well I mean people that would rather live in debt but remain in luxury.

polkaspots
by Bronze Member on Jul. 3, 2013 at 12:13 AM
Idk. My debt is mostly Dh's student loans from before we met. A bit more has been added from medical bills. I've never been the type to spend money on things we don't need.
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Kris_PBG
by Representative on Jul. 3, 2013 at 12:19 AM
How horrible for your family! Money well spent - but seriously - stories like that break my heart.

Medical care for a loved one should not financially destroy a family!


Quoting Thelmama:

As for us, it was not a choice.  ALL our debt is medical debt. It was either get my son treated for severe illness or well, let him die.  My dh also had cancer in 2003, he is now cancer free.  We are still paying off medical debt and will be for years.  We drive cars that are well over 100K miles but we owe nothing on them. We rent because medical debt ruined our credit score.  We live paycheck to paycheck but we are slowly but surely digging out.  We will make it one day, but it wasn't by choice.  We used all our savings for medical crisis and then some.  


MommeeTo4
by Smart Mouth McGee on Jul. 3, 2013 at 12:32 AM
Easier to get in than to get out
alc4evermom
by on Jul. 3, 2013 at 8:54 AM

I do not believe in living beyond your means.  Excessive materialism is something I don't agree with.  

alc4evermom
by on Jul. 3, 2013 at 8:56 AM
1 mom liked this


I think a lot of people have medical debt, and it does not equal irresponsible material debt.  Credit is stupid.  The credit system shouldn't use medical debt against peole---but how else are they going to keep more people down?

Quoting Thelmama:

As for us, it was not a choice.  ALL our debt is medical debt. It was either get my son treated for severe illness or well, let him die.  My dh also had cancer in 2003, he is now cancer free.  We are still paying off medical debt and will be for years.  We drive cars that are well over 100K miles but we owe nothing on them. We rent because medical debt ruined our credit score.  We live paycheck to paycheck but we are slowly but surely digging out.  We will make it one day, but it wasn't by choice.  We used all our savings for medical crisis and then some.  



Thelmama
by Thelma on Jul. 3, 2013 at 9:39 AM

I agree. Thankfully we are making it out.  Thank you.  We are all pretty much healthy now.  Even with insurance our medical debt has been huge. When your bill is 10s of thousands of dollars and you have to pay 20 percent it adds up quick............

Quoting Kris_PBG:

How horrible for your family! Money well spent - but seriously - stories like that break my heart.

Medical care for a loved one should not financially destroy a family!


Quoting Thelmama:

As for us, it was not a choice.  ALL our debt is medical debt. It was either get my son treated for severe illness or well, let him die.  My dh also had cancer in 2003, he is now cancer free.  We are still paying off medical debt and will be for years.  We drive cars that are well over 100K miles but we owe nothing on them. We rent because medical debt ruined our credit score.  We live paycheck to paycheck but we are slowly but surely digging out.  We will make it one day, but it wasn't by choice.  We used all our savings for medical crisis and then some.  



Thelmama
by Thelma on Jul. 3, 2013 at 9:42 AM

I agree with you. It is nuts. It forces some people to use consumer debt to survive in some cases.  Insurance and credit agencies that determine such need a make over......so to speak.

Quoting alc4evermom:


I think a lot of people have medical debt, and it does not equal irresponsible material debt.  Credit is stupid.  The credit system shouldn't use medical debt against peole---but how else are they going to keep more people down?

Quoting Thelmama:

As for us, it was not a choice.  ALL our debt is medical debt. It was either get my son treated for severe illness or well, let him die.  My dh also had cancer in 2003, he is now cancer free.  We are still paying off medical debt and will be for years.  We drive cars that are well over 100K miles but we owe nothing on them. We rent because medical debt ruined our credit score.  We live paycheck to paycheck but we are slowly but surely digging out.  We will make it one day, but it wasn't by choice.  We used all our savings for medical crisis and then some.  




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