Debt Denial Revisited (Soldier of Finance.com)

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Welcome back to soldieroffinance.com. I want to take a quick minute and revisit an older video that I did. The name of that video was called, "You Don't Have That Much Debt. Really?" The reason I want to revisit that is because I came across another situation of a couple that felt they were prepare financially for retirement. They told me that they had decent pensions, which they did, and they said they had all their debt pretty well under control. As I started to dig a little bit, I came to find out- remember these folks were about 5-6 years from retirement- they had over $250,000 of mortgage debt. They had two car notes and they had about $20,000 of credit card debt. I am trying to figure out, how can you sit here and tell me you have a handle on your consumer debt when you have almost over $350,000 of debt. Listen! That is not having your debt under control.

Stop being in denial. I am talking not just to that couple because I know that they are most likely the majority of most people out there that are just accepting the notion that it is okay to have a lot of debt, and I am sure compared to the next door neighbor they are probably not that bad. Listen, just because your next door neighbor isn't in debt up to their eyeballs, that doesn't mean it is okay for you to be. Stop kidding yourselves. Make a point to really look and analyze your situation and say hey, if you have two car notes and you have credit card debt and you have mortgage and you have a second mortgage, which actually they did as well, listen, you are not in control.

It is time to step up. It is time to take charge and realize that having debt is not having financial control. Sorry for the brief rant, but I have a feeling you're going to hear this again. I just wanted to stress that you have to stop living in denial, have a better stronghold on your debt. Get rid of the credit card debt. Screw it! You don't need a car payment, and you especially don't need two car payments if your income and your budget don't allow it. Keep those things in mind. Head on over to the blog. I have more information to come.

Category:

Education

Tags:

• Debt
• credit cards
• budgeting financial planner
• jeff rose