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:

1. 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?
2. 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?
3. 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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