These days, almost everyone has debt. Owing money seems like an inevitable part of adulthood. But most of our grandparents didn’t have debt like we do. In fact, some of them may have never owed on anything besides a house. How is it, then, that debt can feel unavoidable?
One of the reasons is that being in debt is incredibly common now. Many of us don’t even pay much attention to it anymore. Our credit card bills get paid right along with electricity and transportation.
Banks call people every day to tell them that their financial dreams can be fulfilled right away. They promise that all you have to do to get the money is to sign a little piece of paper.
Finance companies run advertisements claiming that you can have this new toy, or that shiny gadget, right now, with no money down.
We’re encouraged to want everything and to demand it immediately. Just by signing your name, you can have a top-notch computer, a home remodel, and a new car. And if you don’t buy these things, you may feel like you haven’t made as much of your life as your neighbor or friend.
It’s no wonder that many of us consider credit cards and loans as normal and even necessary. Keeping up with the Joneses has never been so expensive! What do you think, Is it part of who we are?
Image Credit: alanclever
Andrea is the Chief Chick of Smart Money Chicks. After filing BK twice (once because she panicked, second time because the pro messed the first time up), she realized that it all could have been avoided if she understood more about how her Finances worked and the options available. At that point, she wanted to help as many as she could never make the same mistakes again. Our Promise is that all the content you read on here is created or edited by Andrea
This is a great post! We are such an instant gratification society and want everything now that we don’t think twice about buying it now and paying for it later. My husband and I cut our credit cards up a long time ago and I am so glad we did. We now have to save for big purchases but I think we appreciate it more. 😉
April
I think it is, but I’m not sure if culturally is being used properly here. For instance, I think of culturally as something that comes from “family” and everything else as “societal”. I tend to believe then that culturally we do what we’ve learned from our families or how we’ve been influenced by our families, and that’s a stronger emotion than what happens in society. If I’ve been taught how to handle money or what’s important in life then I’m more inclined to ignore what’s going on in society and thus will be more cautious with my spending. If not, then I want everything that everyone else has, not necessarily because they have it but because my family didn’t help me learn proper values.
Good stuff.
we live in a culture where everyone thinks that they have to have an ipad or the latest smart phone to fit in. I love saving my money so i’ve never felt like i had to do that, but i don’t think most people are like that. The wants in our society are definitely consumer driven. Apple’s made a business out of making us believe that we need their products to be cool. (or that’s just what i think 😉
I think society as a whole has a big problem with this. Just because you can get approved for a loan or a credit card doesn’t mean you should use it. It’s just a recipe for getting yourself into trouble. I remember in college that if you singed up for a credit card, you could get a free t-shirt or something ridiculous like that. The people pushing these cards would stand in strategic places on campus and yell “we are here to help you” when students ignored their offers. Unbelievable…we’re here to help you get in over your head in debt is more like it.
Love your article. For centuries we have been programed to consume by TV, magazines and even at the theater. I even get commercials on my phone now! UGH! Even before television came along consumers were encouraged to consume by radio shows. These consumers were programed by their parents who were a part of the depression and programed to save and value not just money but everything!
My hope that is with the down swing in the economy that more will learn to value what they have (not just “things”) and to save for their future and teach their children to do so as well. Success is not measured by what you have but by who you are!
“Success is not measured by what you accomplish, but by the opposition you have encountered, and the courage with which you have maintained the struggle against overwhelming odds.” Orison Swett Marden