Would you move in with your parents (or your children) if it meant being debt free by the end of this year?
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M$6 Answers
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M$
I'm sure many people out there, depending on the debt amount would do it.
I have a good relationship with my parents, so it wouldn't be bad at all. I guess getting along with them would have to factor into the deal also.
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M$The way I look at it, if you're in debt, it's your fault. No one elses. For every action, there is a consequence. It's unacceptable that so many people are in debt. The recession is no excuse. It just means you have to cut back a little more.
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M$
Very true. I agree, but at the same time, people as a whole need to realize that they can dig a hole, jump in, and have a great time. However, they need to make sure that they can climb out whenever they want. When the hole gets too deep, you find yourself in a predicament.
Not all debt is bad. Student loans, for example, are usually very worthwhile debt. Sure you can graduate owing lots of money, but your increased earning power with a degree is often enough to pay off the loan and then some.
That said, we Americans do need to save more as a general rule. There is really no excuse to carry a balance on a credit card on a regular basis.
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etphonehome I don't think that's necessarily true. Going to college gives you an education, not necessarily better pay. If you don't get a better paying job, then you're stuck with debt that you can't pay off quickly. You're earning the same income, and then you added debt to it. My point is, if you can't pay for it now, why would you assume that you can pay for it later. KWIM?
@hcp56 i am aware of this! like I said, it's fine as long as you keep track of your debt. It shouldnt even come down to living with your parents in order to avoid debt. People should have responsibilities; thats all Im saying.
@matthewh Not all debt, even credit card debt, is due to fun times. Many people use credit cards to pay for food and/or medical exppenses.
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M$For example, if you get along great with your parents and moving in with them for a short while would help you get out of debt several years faster, then do it.
If, on the other hand, you believe that moving in would create a significant strain on your relationship, and you would be out of debt within a couple of years anyway, then it might be better to keep your distance and take your time paying off the debt.
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M$
For me personally, it would need to be a dire situation (debt-wise). I love my parents dearly, but introducing the stress of sharing a home on all of the people involved may just not be worth the economic benefit.
I guess that my answer is no. If you are considering it, be certain that you weigh all of the benefits and costs, not just those related to finances. After all, money is not everything.
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M$
