I have a question about debt

Our LSS bloggers have already tackled many subjects – from budgeting to student loans to ideas for cheap date nights to conquering debt…and the list goes on.

Personal finance is an extremely broad term and we have plenty to write about. But, we want to know if there is something specific about which you’d like us to write. Or maybe you have a question on how to deal with creditors or work with your mortgage lender. If so, leave a comment below or email us at financialcounseling@lssmn.org.  We’d love to hear from you!

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4 comments on “I have a question about debt
  1. dan says:

    Debt is a tricky issue..Debt is something ive come to understand and work with in my life…Well my first rule of debt..Is have none!! I know its easy for me to say, but its not an easy subject and there is not one magic formula for managing it. I will talk in a little bit about some of the rules i follow to manage debt. But the first thing i came to understand about debt is, knowing how i want to live..Meaning, knowing at what level in life im satisfied. The type of house im happy in..The type of car im happy driving in. And the type of recreational activities i enjoy…The reason its very important to know these thing for each of us, is because a lot of people dont really know these things for themselves. I see alot of people buying a huge house because they feel its what they should have. I see alot of people buying a very expensive car because they think its what they should drive. I see alot of people going out to expensive restaurants because they think its what all successful people do. These are actions of people who have lost touch with themselves. Im not being critical, i just know that some people are easily influenced into believing how they SHOULD live. My son asked me ” dad what would you do if you won the lottery?” I responded by saying that not much would change…Perhaps a few more trips, perhaps paying off my car loan..But definitely securing our future…Lets say you bring home 75,000 a year..To live comfortably you can have a mtg of about 275,000..This, at least in minnesota, can get you a nice home in a good neighborhood. So you get a raise to 100,000 a year..Do you need to go buy a bigger house? You get a raise to 125,000 a year, do you need to go buy a more expensive car? My point is,need, debt, desire and income needs to be balanced. With out knowing at what level of living your happy with, you will never be happy, no matter how much money comes in, because you will always upgrade to bigger and better as the money comes in, if it does. So some of the rules i follow, which i enjoy following are: I cook…I cook almost every meal, and i cook tastier food than i get in most restaurants. If im going to be somewhere where i cant cook, then sometimes i bring food, its fun for us…Next, i NEVER charge an item that is not necessary for living…You really want to pay interest on a 300 dollar pair of shoes? Nah, i just go with out, if i dont have the cash..I just bought a new truck, i had to finance. Im very proud of my purchase..Its five years old, low miles, in new condition, not much for bells and whistles, but it looks great…The price was a good deal, i did alot of research prior to purchase..I will never buy a car to impress others..Its a WASTE of money and emotion….FIND OUT WHAT MAKES YOU HAPPY, ITS TOUGH TO DO, BUT REWARDING IF YOUR LUCKY ENOUGH TO GET THERE….DONT LIVE BY ” SHOULDS” AND NEVER TRY TO KEEP UP WITH THE JONESES .These are some of the rules i follow, which help me to have a happy and financially balanced life.

    • Kate Swenson says:

      Thanks for your comment. You are so right when you say that debt is a tricky issue. It is all about finding the balance. Well said!

  2. gene McKeever says:

    I was wondering if there is a way to help elders figure out/when to get a person in charge of estate/health contact person/when to give up house and put in childrens names? etc

    • Kate Swenson says:

      Hi. This is an excellent question. I will have a blogger take a look and we can have something out in the next couple of weeks. In the meantime would you be interested in either emailing or chatting with a counselor about this? Do you have more specific questions? If yes, email me at financialcounseling@lssmn.org and I can get you through to someome. Thanks for your questions!

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