Would You Rather … ? The Consumer Debt Edition
I’ve been thinking a lot recently about (what else?) debt. Consumer debt in America has never been higher. As a nation, we owe more than $1 trillion in unsecured consumer debt. It’s not the most joyous thing to have on one’s mind, but that’s what I do. I eat, think, write, breathe, and even sleep the subject of debt.
I have been in horrible, worse-than-debilitating debt where you feel like your creditors owns your soul, and you’re locked in the steel trap. I know what it’s like, and thankfully, I am no longer there.
The best maintenance program for me is right here―in the work that I do (that eating, thinking, breathing, sleeping thing I just mentioned). Maybe it’s like being a Weight Watcher lecturer. Your work keeps you on track because your mind is always engaged in the subject matter, and you know everyone is watching.
It’s been a few years since I asked you simply, “If all you had to do to be debt-free was to stay away from your family and friends for one year, would you do it?” It was a simple question, but boy, did it bring on some heated responses.
Yes, I know the reality of isolating yourself from those you love for a year is a drastic proposition. But there are levels of debt that are so desperate, perhaps sucking it up for a year might be a lot less painful.
So let’s agree that it’s all relative. And if you were to answer affirmatively to that hypothetical question, don’t assume you are a horrible person. Besides, it was just a “what if” kind of question, not at all unlike those posed in the board game Would You Rather…?
Just in case they ever decide to create the Consumer Debt Edition of that game, I thought we could have a little fun here by creating the questions. I’ll go first:
- Would you rather get a brand new car today with $695-a-month payments or agree to ride the bus (bike, scooter, walk) for one year to get a five-year-old car (you don’t get to choose the make or model) for free?
- Would you rather drive around town going from one store to another to grab all the sales to spend $125 on a week’s worth of groceries (plus $10 in gas), or get it all done in less than an hour at one supermarket and spend $195?
- Would you rather buy the most house you can afford that will require 30 years of big mortgage payments or a small starter home you can pay off in 7 years?
Use the comments below to respond … and also to compose your own “Would Your Rather…?” scenarios.
Come on … it’ll be fun!
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I’m going to mess up the numbers, but my husband and I are almost 80, so our situation is different, and maybe if there’s someone out there that feels like they’ve done it all wrong so far, this will help.
1. I’d rather have the new car. It won’t need to be in the shop for 5 years, which, in my experience, is when things start to break down. I’ve been stranded with an older, broken car, and I don’t want to take that chance again. Neither me nor my husband is any good fixing cars. We have no family nearby, and friends keep dying, so we’re pretty much on our own.
2. I shop at one large grocery store, using coupons, sales flyers, and lists, getting only what we need and buying in bulk when something is on sale.
3. We rented low-cost apartments and houses for the first several years while we looked and compared homes for sale, which we probably did wrong. At that time, the idea of a mortgage was very scary to us. Then we bought a starter home that we paid off in 30 years, and invested every extra dollar, while our neighborhood went slowly downhill, reducing the value of our home. A few years later, we bought a home almost twice as big to retire in, big enough for kids, grandkids, and hopefully great-grands to visit. We’re not rich and still have a mortgage, but our investments are making more than our rock-bottom interest charges. Our investment counselor advises that we are better off paying the low mortgage payments than paying it all off. We love our house and the area we live in, and it is increasing in value. We are across the street from a city park where we walk almost daily. Retirement is great as long as we keep one eye on our bank balance.
I would rather be retired WITHOUT debt of any kind, so that our pensions stretch to cover our needs. And to do that, we purchased a 10-year-old car and spent money the last few years to pay off that debt. You can’t imagine the relief it is to have NO DEBT. I am thankful to Mary Hunt for speaking to our Pastors & Spouses Retreat many years ago with her message of paying off debt. She was a great blessing!
Hello Beth … Was that in Ohio, or perhaps Canada? Those two come to mind, and I remember them well!
would you rather pay $5 a day for coffee on the way to work, or make it at home and save up for a trip to *fill in the blank”?
I would take the free car. I never pay more for ANYTHING than I absolutely must and I would buy the smaller house. That being said, it can be dangerous for some people to shop store to store for bargains UNLESS you have a list and never waver from it, buying ONLY what is on the list. This used to be such a challenge for me that I would end up spending more than I would have if I’d gone to just one store with higher prices.
I would rather pay less and have more money left over.
I would rather ooh and ahh over what someone else splurged over and look at my bank book.
I would rather live in a not so great house and not have a mortgage.
I would rather shop sales than pay full price for clothing.
I would rather not pay interest on anything, second hand or second best is better than interest payments.
I would rather save money than spend money.
I have had a rule, since I was 18 yrs old: We can have one, and only one, payment at a time on something other than 1 car and house. So, when young, if we needed a tv, that was ok, but nothing else that wasn’t paid for in cash, until the tv was paid off. Thank goodness, the days of having to buy those types of things on credit are long gone, but the rule has served me well.
would you rather crank up the heat [and pay for it over and over again] or pay for a sweater once and wear it?
1 i’d like the free car, please
2 if it’s not generic and eligible for seniors’ discount at my regular store, i’ll go to the store that gives senior discounts on nearly everything.
3 the smaller house, please. i’d hate having a mortgage
Would you rather have a low-cost wedding and put money towards a down payment on a house you can afford, or blow the whole sum on an over the top wedding?
Elizabeth, you are so right. I can’t believe how many couples spend outlandish amounts of money on one day. A special day? Of course. But it’s one day.
1. Definitely the freebie car. I’ve never cared about fancy cars; just want something to get me from Point A to Point B. My current car is 16 years old.
2. I’d take the one supermarket and spend more, because I dislike shopping and driving. I think that over time it all evens out anyway, when you factor in wear and tear on the car. And on my nerves at the way people drive nowadays!
3. Starter home all the way. We’ve been in ours 31 years now.
Thanks, Mary, fun questions!
1. I would for sure take a five year old free car! As long as I can keep my 2010 truck!
2. You describe how I shop for groceries! I refuse to pay any more than absolutely necessary, always shop for deals.
3. Not sure if we did everything right on houses, but we paid off one in 15 years, used it for new one, paid it off early.
I hate to be in debt! Saving like crazy now to be ready for anything!
1. Yes, I would ride public transporatation, walk or scooter for a year to get a 5 year old car for free. I’d be $8,340 in the black for my effort (and be in better physical shape too!)
2. Yes, I’d rather do the mulitiple grocery store run and save the $60. No one said I have to do it all in one day. I’d make a list and plan my route too – but that’s just me!
3. Yes, I would definitely go with the starter home I could pay off in 7 years. I’m building equity and my credit rating and saving my mental health from worry about being in over my head for 30 years.
I would rather get the cheaper version of whatever it is. I don’t like being in debt, pay cash for everything except the mortgage. In debt, I feel hounded and trapped. Paying cash, I feel free, even if I have to wait awhile for what I want.