Are you worried about your debt?

[13 others]

I had about 20K in debt and it started to freak me out because I realized if the economy crashed & I lost my job I'd be fucked. At the mercy of the banks and probably homeless. Decided to change my lifestyle and now I have that much in emergency savings. I don't live pay check to pay check anymore and I could easily go 6 months without working and be fine (really not that great though but still better off than most).

I'm even considering changing careers so I can get a trade and become self sustaining should the world go to shit and I need to barter my skills for food. I have a good paying job but if the economy crashed and the world was coming to an end then I'd probably just perish in the streets unless I joined a gang and became a criminal. Yeah, that's a weird way to think about things but I'd rather have a trade that I could always fall back on to make $ or earn food if I was ever down on my luck.

Anyways all that to say that I've read stats that say over 50 percent of north Americans dont even have an extra 500$ saved. That's crazy. I used to be part of that stat and it freaked me out. So do you guys give a fuck?

Too many people are consuming beyond their means. I have kept my frugal traits of when I was paying down debt and I have pride in driving a cheap car, not impulse buying, and eating whatevers cheapest. I really dont give a fuck. I'd rather use my extra $ to travel. Debt sucks.

 

[funkexpress]

Nah, man. All the same when I die.

 

[Cole train]

if shit hits the fan i will just rob the rich in my neighbourhood

 

[Dirt Road Soldier]

Nah. If shit gets bad bankruptcy is a 1500 dollar lawyer away. Plus after the economy tanked in 08 it's nowhere near the huge hit on your credit it used to be, plus credit is easy to rebuild.

 

[90 50]

Nah. If shit gets bad bankruptcy is a 1500 dollar lawyer away. Plus after the economy tanked in 08 it's nowhere near the huge hit on your credit it used to be, plus credit is easy to rebuild.

I thought bankruptcy laws changed a shit ton compared to what they’ve used to be and was pretty much pointless now?

 

[Dirt Road Soldier]

I thought bankruptcy laws changed a shit ton compared to what they’ve used to be and was pretty much pointless now?

You can still use it for medical and whatnot I do believe, because suddenly getting hit with 100k+ in bills is more than your average person can handle. Especially when they want it paid in 90 days or something stupid.

 

[Dinotective]

Nope. I should be dead by the time it becomes an issue.

 

[mb23100]

I have no debt aside from my mortgage but in this country a car wreck or other unforseeable event can put you there real quick. I worry about that some.

 

[faustian]

Medical debt isn’t a big issue, lenders will often overlook it. However CC debt and repos/foreclosures are gonna fuck you. Expect high IRs with that. Student loan debt will be taken into consideration when calculating your DTI, but a solid down payment can offset that in car/home purchases

Really the main reason people lack savings is the growing rent culture that’s been taking hold since the housing crash. The easiest way to accumulate savings is to establish equity in property ownership

 

[DC23]

I've just spent time in a remote Ukrainian village. Dont worry about anything.

 

[Estemachine]

If there's one thing I don't worry about, it's money. I'm not saying I'm balling or rich, I just have a good relationship with money, it's always there when I need it.

 

[SamSchmidt]

No? Why would I be? AOC and Bernie said we get free stuff for the rest of our lives

 

[odog]

Nope, no debt. I even prepay on my credit card.

 

[genecop]

Nope, thank God....I have been fortunate..

 

[genecop]

If there's one thing I don't worry about, it's money. I'm not saying I'm balling or rich, I just have a good relationship with money, it's always there when I need it.

Well said, money has a magical quality to it , most people don’t know it. I can tell by your choice of words, you are aware..

 

[ralphc1]

I haven't had any continuing debt since 1988. I use credit cards but pay them off monthly.

 

[m150]

Nope. I have 4k credit card debt that I've been stupidly putting off for a while but plan to nip it in the bud first thing 2020.

 

[aldeniro78]

Nah. Life goes on.

 

[Vegeta]

if shit hits the fan i will just rob the rich in my neighbourhood

You life in Finland, there are no rich people.

 

[Cole train]

You life in Finland, there are no rich people.

Rich enough to have food