Posted on May 28, 2009 at 11:15 am If I can't go to jail then why is debt a problem in the first place? It doesn't sound like they can do anything anyway haha!!

Posted on May 28, 2009 at 11:34 am Wow, this is a loaded question. For starters, just because you can't go to jail for not paying your credit card bills does not mean you won't run into problems. For starters, if you don't make your payments, your creditors report you as past due to the credit bureaus and that will reflect on your credit report. This is a negative mark to have on your credit and will have an adverse effect on your attempts to get future credit. Secondly, if you do not make your payments you will have to deal with debt collectors. These people tend to be very aggressive, often times calling all day long until you cough up a payment. And finally, you can be sued by your creditors if you refuse to pay the debts off. This could lead to a wage garnishment, property lien or bank account levy, which I think would cause a headache for everyone out there. In general, debt can also be a problem simply because of the toll it takes on people from an emotional and mental health standpoint. Nobody would want to owe if they had the choice, and this can often create burdens for people as they try to live a financially healthy lifestyle.

Posted on May 28, 2009 at 12:01 pm I think there is another important topic to address in terms of why debt may be a problem for a lot of people. Essentially it prevents a lot of people from saving money! Think about it, each month you have to pay for your necessary expenses such as mortgage/rent payments, car payments, food and utilities. These things can be very expensive for most. On top of that, if you are paying high monthly payments to your creditors every month it is very difficult to put away money for the future. Not being able to save creates problems in and of itself, and is a whole other issue that could be discussed. On that note, who out there can't save becuase of their credit card debt?

Posted on June 7, 2009 at 2:35 pm Another problem is if you are carrying around a lot of credit card debt and are behind on payments, your credit will surely take a dive. So, if you try and get credit in the near future it is possible you will be denied. Or, if credit is extended to you, it will be done so at a high interest rate.

Posted on June 15, 2009 at 12:54 pm I would also like to add that not all debts are a problem. For instance- a mortgage can be a good debt per say, because it allows you to have a home! If you can make your monthly payments consistently and not fall behind ever, then that debt will never become "bad". And, in the meantime, you reap all of the benefits of owning a home and poviding for a family if you happen to be in that situation. Can anyone else think of when a debt may actually be "good?"

Posted on July 7, 2009 at 7:03 am Why is debt a problem is you do not have a job?

Posted on July 8, 2009 at 2:53 am The obvious answer to that question would be--because you would not have any means to pay off your debts. A steady income doesn't just guarantee that basic needs are met--it also entails having a sense of responsibility over the commitments that you've previously made. Not having a job and being in debt is a big problem.

Posted on July 8, 2009 at 4:45 am But you can still borrow money from elsewhere. That would be enough to pay your debts.

Posted on July 8, 2009 at 5:00 am Why is debt a problem?It sends rich countries into recessions. It forces poor countries to borrow from rich countries and the IMF and the WB -- and it tips over the supply and demand balance of the world.Why is debt a problem?It tends to be addictive. Good at first, but has a way of going out of control.

Posted on July 8, 2009 at 6:07 am summer fever: that is where the problem lies. It's almost like an addiction--you have to have your fix so that you can go by. Besides, borrowing money to pay off another debt is never a very good solution. You;d be going round in circles by doing so.