A Life Without Debt: Grudgingly Taking the Punishment

The other day I was feeling punished for my good financial habits. My savings are earning pitiful interest, thanks to the low rates in place to prop up the economy. There are no mortgage or housing breaks for me, since I don’t carry a mortgage. My credit cards have had their limits cut and interest rates raised. (Not that this really matters to me because I don’t carry a balance and have rarely approached the limits. Still, because it wasn’t my choice it grates on me.) I have to pay more for everything and every month is a battle with my banks to fight off the new fees they want to slap on me for products that were previously free. My taxes are going up and will continue to


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13 Responses to A Life Without Debt: Grudgingly Taking the Punishment

  1. Julia says:

    The default and late payment fees banks and credit card companies are charging now are truly extortionate. I hope some new legislations come into place, and this situation improves.

  2. simpleyme says:

    I am so thankful I am debt free I am not sure how I would survive all these new taxes that are being passed

  3. Myrna Garren says:

    I am angry because those bankers that got bailed out by the government are still playing their games and not being charged for fraud or worse, in other words they bailed out a bunch of crooks that should be looking at the world thru bars of a jail cell.

  4. Anne says:

    Great article.

    That’s the way society is now. The responsible people (who live below their means) are constantly expected to bailout the irresponsible people who lived above their means. I am really tired of it and I have a hard time feeling any sympathy for these people. Sometimes people have to learn things the hard way.

    Credit cards are dangerous, especially in the hands of irresponsible people. Things are starting to go back to the way they were in the old days. If you can’t afford it then you didn’t buy it.

  5. baselle says:

    It stinks, I feel the same way.

    But in the big picture it feels like there’s less money around. So if you quietly have some real money and you keep what you have while others are loudly losing their fake money, its a consolation.

    But storing money in a mattress is starting to look better and better. It doesn’t earn interest but it doesn’t get taxed either.

  6. fern says:

    I understand how you feel. While I haven’t figured out yet whether I’d cancel a credit card rather than have to pay an annual fee, i have discovered in the past year or two one thing: I hate banks, especially the big ones.

  7. Julie says:

    Great article and I agree with you completely. I am so glad that I am debt free.

  8. anonymous says:

    You are going to really shake your head when you see your friend finally be forced out of that house, but as a last straw trying to stuff everything she owns into a $100/month storage shed, as if her very soul resides in all that stuff. Please tell her to sell all her crap now. It usually takes several months of living miserably in someone else’s guest room before you realize all that stuff is just crap and that six months worth of storing it away could have bought two months’ dignity of living independently, even if in some hell-hole.

  9. Jay Gatsby says:

    #8 – unfortunately, her friend won’t listen. You have to let people fail before they will learn from their mistakes. If her friend has children who will go hungry or naked without clothes, perhaps she can give them some food and clothing that would otherwise go to Goodwill. Unfortunately again, her friend would probably have too much pride (or ego) to accept such charity. Yet that’s part of the lesson. You must learn to accept charity when it is offered. People don’t extend charity expecting to be paid back, but rather that you might “pay it forward” when someone needs your help. That used to be the way in America. Not anymore.

  10. EOD says:

    As frustrating as it feels, you are right. You are still better off. Bailouts have replaced personal responsibility.

    I am working to become debt free, except the house, with only $3,000 of student loans left to go! We will never borrow another dime! :)

    Personally I have decided that credit cards aren’t worth the trouble or the risk, even if we were to pay off the balance monthly. If I don’t use them, it’s one less thing I have to worry about.

  11. minny says:

    Same here in the UK. When I think of the government’s catchphrase when they came into power in 1997 -things can only get better – and they began to create a ‘miracle’ economy based on massive debt both personal and state.

    What a good time so many people had! Living

  12. Diane says:

    I am also thankful to be debt-free. The current financial crisis is still frightening, but so far we’re surviving.

    In the past month I’ve had $750 in unexpected car repairs and an $800 increase in homeowners’ insurance. I feel fortunate to have the money available to pay the extra expenses.

    I might consider paying an annual fee to keep one credit card, but if they start charging interest from the date of purchase I won’t likely use it!

  13. Richby30Retireby40 Blog says:

    It doesn’t pay to be disciplined. It’s about joining the crowd and reaping all the rewards. Look at Goldman. They got a free $10billiion bridge loan from the gov’t, paid it back and made billions. They got it right.


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