I keep reading commentaries from “influencers” talking about debt-shaming. At best, “shaming” is becoming “old hat,” but I digress.
Debt continues to be a bad thing. It limits your choices in life and is a dangerous tool (much like a chainsaw). Surprisingly a chainsaw comes with warnings and instructions, whereas most debt vehicles do not. The debt vehicle also cannot be used to make incredible wood carvings, but I digress.
Many times you need to use debt, and this is not an immoral thing. Examples of this are mortgages and possibly student loans (in both cases, there are exceptions). Buying a highly leveraged house or getting a student loan to study Hegelian Philosophy are examples of those exceptions.
The indiscriminate use of debt for impulse purchases is a reason for debt dishonour. Using high leverage and high-interest rate debt vehicles is another reason the fickle finger of debt derision is wagged.
“Influencers” who portray a lifestyle where debt is a good thing are an issue to me. The credit vehicle providers’ advertising is truly reprehensible. The higher the interest rate of the vehicle, the more vile the product. Yes, I mean Pay Day loans, but reverse mortgages are odious.
Debt-Shaming Finger Wag
I will plead guilty as a debt-shamer. However, I stand by all of my previous statements.
Some of my favourite Debt Shaming Content
My list of debt commentary articles is quite long, so let’s stick with the basics.
- Three Solid Ideas For Your HeLOC is a misdirection title. With interest rates going up, home equity lines of credit are becoming heavier anchors on your financial life.
- Pay Day Loans? Absolutely, positively NO! Go talk to a licensed insolvency professional before you do this.
- Surreal Paragraphs Found in Credit Card Bills, if you carry balances on your credit cards, you are in trouble. Look at their estimate for how long it will take to pay off the debt on minimum payments.
- A Mortgage Changes You, which is very accurate. When you get a mortgage, your life changes, and it will be a major element of your financial decision-making process.
- Make More by Reducing Debt with some elementary (maybe naive) arithmetic.
- Straight Talk on Your Money is not just a good book (and podcast). It explains how debt can get out of control quickly.
- Debt-shaming: Debt is Bad, but You Arenâ€™t having a poke at the “influencers” who say my commentaries about Debt being BAD is debt shaming.