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February 9th, 2009

Change Your Thoughts, Change Your Spending

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That’s the advice in this well-written NY Times article that notes that large amounts of debt is more than just a spend-less by-the-numbers issue:

Ditching debt requires dealing with the emotional underbelly of owing money, and coming to terms with a culture that has serious debt addiction issues. Getting out of debt can feel like a battle — because it is one, on many fronts.

I’m not referring to mortgage loans here, but to the peculiar stickiness of credit card debt. At least “sticky” was the word that kept popping up in my mind, during the five and a half years that my husband and I struggled to pay down $30,000 of combined debt. And there is some evidence that debt, once you’re in it, tends to persist.

The best line in this article:

[C]arrying credit card debt for months or years is a red flag signaling that you can’t afford your life.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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