Couple Drowned By Debt On The Cusp Of Retirement: Live And Learn | CNBC

1. These people were greedy and not smart. WHo doesn't think credit card debt is not real money. geeeesh, No wonder people are homeless in the US.

2. I love my credit card.

3. I have always been wary of the credit card…….when i first experienced the high interest rates and late charges. From then on, i resolved never to roll over any of my monthly payments. The debtor is literally a slave. Be warned…….

4. Banks know your I come your debt, and know You can afford to pay credit card, banks want to get you into debt with the profit of interest banks make
   Yet they send pre-approved credit cards,
   It's called predatory lending

5. You’re over 50 in Corporate America and you never thought about losing your job? That has to be the funniest thing I’ve ever heard in my life!

6. old saying live big die big

7. Boo hoo. You are irresponsible with money. You didn't have to get credit cards

8. At 61 you can make withdrawals from your 401k’s without any penalty, so that is your saving grace👍

9. Vacation, you live in paradise, besides it being California, hope you guys make it through this.

10. What candy is to a child, credit cards are to adults. You have to self-discipline yourself.

11. My biggest fear is exactly THIS. But I will make sure this won't happen to me

12. Guess who's fault it is for the debt? So tired of people wanting me to feel sorry for their debt. We all have debt. STOP SPENDING! One thing I learned is that if I don't have money for it, don't buy it. This couple needs Dave Ramsey, not a debt consolidation company.

13. Our oldest son just marred 2 weeks ago, he has a good job in x-ray his wife a nurse in x ray, I told him, son don't be a 30 year slave to NO house, own the home don't let it own you !

14. Planning ahead is the best way to avoid getting into problems. Many people think the credit card system is a way out of tough times but if you don't tread carefully, you will fall into its debt traps and their tough times will only get tougher. Once you fall into it, it's very difficult to get out of it. A popular but disasterous trend is to get a second credit card to get out of the traps of the first one, and then a third credit card to get out of the traps of the second one, and so on. This is an engineered debt trap system meant to dry people's accounts. The biggest problem is that most people don't learn from the mistakes of others, and keep falling into the same traps.

15. AND THEN BIDEN SHOWS UP

16. bankruptcy

17. Americans are free to move freely in other affordable countries

18. When we (wife and I) decided to buy a house, we bought the smallest, most afforable house we could (in a relatively good suburb, definietly wasn't the best). The reason we did this was because, we had calculated the monthly/fortnightly mortgage payment amounts using only (1) One of our salaries (2) At an inflated interest rate (basically current rate+additional 3%) and (3) not using more than 40% of our monthly/fortnightly salary.
    Doing this, allowed for a very good hedge against interest rate rises and one of us loosing our job. Both these event are very possible and do happen to couples who are then caught unawares.
    We also initally made the mistake of buyinf furniture on credit card (in an attempt to furnish the house quickly), but quickly realized the falacy in that thinking. Luckily we were able to overpay our credir card and bring down the balance quickly – this is another thing people are NOT conditioned to do. They sincerely believe that paying the minimum amount is okay – ITS NOT!
    We have since, maintained the very same credit limit over the past 21 years and only once have exceeded it (knowingly). It works for us and forces us to rethink our 'NEEDS' versus 'WANTS'.
    Our kids have watched us budget and thankfully have learned to do the same (albeit, there were a few starting mistakes). We are very watchful over them and constantly guiding them on budgeting and spending sensibly.
    Its our responsibility as parents to inculcate these habits in our children at a very early age. Also remembering that kids learn by example more than advice. If they see Mum and Dad shopping around for the best price and waiting (patiently) for a sale and then [urchaing this only if its ABSOLUTELY needed, they will learn the correct financial habits in life and will be able to better navigate the precipes of credit card living.
    Dont get me wrons – credit cards have a place and are very useful – just use them sensibly.

19. Not much sympathy here! You don't buy what you CANNOT afford, you don't retire because you reach a certain age. If you can't afford to retire at sixty something and you don't have something or someone to fall back on, then you have to keep working! Credit cards are fine as long as you are disciplined and smart enough to manage them. Credit card companies make billions of dollars, annually, on interest from consumers like you guys. If consumers can't afford to pay the entire credit card balance each month, then maybe they shouldn't use credit cards. Interest rates on credit cards are OUTRAGEOUS! Paying the minimum amount each month does nothing to lower the principal, but, only increases one's debt!

20. I think it the end it’s about leaving a easier life for you child or for someone you love so they don’t have to struggle like you did. If you can give the gift of life to someone you love them what other gift gets better than that?

21. So what ? File chap.7 pay back nothing . Your retirement is fully protected , your house, chap. 7 saves you

22. A wise man once said: "He who buys what he does not need, will one day need what he cannot buy" Great motto to live by.

23. Just a heads up to everyone

    You are not a home owner while you are in debt

    It gives you the illusion but you really should get a house you can actually pay for

24. Only spend a % of what you earn. Credit is too easy and can really cause problems if you can’t make the payments. My car is a 3/4 yo Audi, its nice but not brand new and aI paid cash for it.

25. Debt is modern day indentured servitude and needs to be abolished

26. that was just plain stupid of you both..

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