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Re: Whats the prime reason for your financial catasrophe?


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Posted by Drew (24.59.27.46) on April 28, 2004 at 15:05:11:

In Reply to: Re: Whats the prime reason for your financial catasrophe? posted by Andrea on April 28, 2004 at 09:48:36:

I agree with you Andrea. I was raised in a military family and for many years my mom was by force (people don't hire military spouses often) a stay at home mom. My dad was a drill seargeant. We had little money. We were taught to save and to live within our means. My parents did not have the money to go out and buy what we wanted, only what we needed.

My grades were ok so I qualified for some scholarships but mainly I worked my way through college by taking only what I could afford to pay. In the last year of my college, my mom let me live at home and she provided room and board while I paid for college, insurance and tried to get a little money set aside for my job search.

I then got married to a military guy and I have been a stay at home mom by choice. We have done pretty good on trying to control the spending but it seems that we end up acquiring more debt during the times we have to move and set up somewhere else. We do spend more than we should because we like to travel, but we have made a conscious effort to control that and to eliminate our debt. We are down to only one bill now. We have paid off our huge credit card bill and our other ankle biter bills. Now we have one line of credit and one car payment. After that, when the deficiency balance comes due from a failed cosign relationship, we will be in the position to tackle that.

But these last two years have been a real wakeup call and we now realize that there are no gaurantees in life and that anything can happen.

I would feel more comfortable to just ditch all credit entirely and only have the credit you need to have, car payments (although you can save and pay with cash with most car payments), and house payments. Other than that, I don't want any line of credits or credit card bills.

I feel that by owing them money, they have become may master and I their slave. But there is hope at the end of the tunnel.


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