Debt

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I live in debt and I wonder if anyone else does. It's not a debt that I can't afford (well, it probably is,) but I'm able to pay the minimum monthly payments. And as a I continue to do so, I find that they offer me more credit. It's a scary loop, but I'm definitely caught up in it. Sometimes I think it is the nature of modern living.

So, who else is owned by the bank, or has been in the past? For my part, I'm glad there's no more debtor's prison.

I went into debt to fund a business. The business launched during the 2008-09 financial collapse and failed. I then filed for bankruptcy, but it didn't wipe out one loan I had because it was in my mom's name. The BK was in 2010 and I'm just now making the final payments on that loan. I also owe my mom $7000 for dental work, I got a new medication in 2012 that is highly acidic, and it dissolves under your tongue and leaves an acid film on your teeth, so soon I had to have an emergency root canal and 15 fillings. AND I had no insurance. My mom had to pay $500/mo to the dentist, and she was already maxed out on her credit cards. So I have to pay this loan, and pay my mom. So yeah, I've got about $10k in debt. I pay as much as I can, I am stuck making minimum payments on the loan now because of this dental debt. I will pay off the loan in about 8 months making minimum payments, then I will put all my money towards paying off mom. I live with my mom so I don't pay rent, so I can pay off this debt.

Dental work is a killer.
My eyes are starting to go, but I can't afford to get glasses. I have reading glasses, but they're not that great. My employer will pay 50% of prescription eyewear, but only after six months - so 4 1 /2 more to go. When I compare minimum wage to what things cost, it just doesn't add up.

It's called inflation. The official stats are cooked, the real rate is about 10% a year. Hello 1979. I just hope I can have my own place, land that I own free and clear, before hyperinflation kicks in and money becomes worthless. With all the money printing the Federal Reserve has done, eventually it will bite everybody in the butt. Hey, how else are they gonna pay off the federal debt?

Is it expected that people will live in debt? I guess the alternative is to live in poverty. Or both. It feels like an economic Titanic. Everybody knows it's sinking, so best to just get the most comfortable seat and enjoy the ride.

A quick Googling shows that the average American credit card debt is over $15,000 per household. So yes, most people live with debt--it may be problematic, but it's not uncommon.

I came across this story:

International Business Times

McDonald's released a budget for minimum wage employees that demonstrates the impossibility of living on it.