So it looks like we’re in collapse and people are killing each other in the streets. Oh, wait, no, not really.
Sure, the markets are having a fit, which makes it painful to look at our retirement accounts. Except that we aren’t planning on touching them for many years, so eh. Feel a little bad for the baby boomers inching up on retirement, but really, not much. Yes, I know that schadenfreude isn’t exactly a positive emotion or anything, but many of them have defined their lives by excess so they shouldn’t be surprised when it comes around to bite ‘em. A little frugality isn’t perhaps a terrible thing.
Meanwhile our politicians are tripping over themselves trying to do, well, I don’t really know. Looks like they are hellbent on trying to find a way to spend my son’s future income in an effort to stave off what will be an admittedly painful correction. Personally, being a free market kind of guy, I say go ahead and let it correct. But I am probably missing the big picture.
That said, at least in our household, things are certainly not flying off track. In fact, despite the supposed tightening of the credit market, we just received notice that one of our credit cards has substantially increased it’s limit. Thanks, but we really don’t need it. We won’t mention that to the government, because they may just decide they need that as well! 
We did a decent job of killing off more debt this month. Broke well past the $1000 mark. And honestly are still living quite comfortably even with that kind of progress. We could probably introduce a little more pain and get the ball rolling a little faster. But that’s a budgeting issue, not a reporting one.
I’ve been having a lot of fun recently with my side business, and it’s beginning to really take off. Right now it is not adding any to our debt attack plan, as I am stockpiling cash right now in anticipation of further expansion. The holidays are rapidly approaching, and I have a feeling I’ll be spending a fair amount on advertising soon!
Oh, and oops, I will take a cue from Wall Street and restate some debt. I misread a medical bill statement and understated that debt by around $800. Where’s my bailout?
| Aug 31′08 | Sept 30′08 | Change | |
| EVERYTHING We Owe | |||
| Credit Card Debts | |||
| Chase | $17,757.23 | $17,476.08 | ($281.15) |
| Other Debts | |||
| Home Mortgage | 38,465.14 | 38,415.61 | (49.53) |
| Low Energy Loan | 14,303.58 | 14,178.37 | (125.21) |
| Line of Credit | 22,826.29 | 22,546.34 | (279.95) |
| Medical Debt | 4,815.31 | 4,315.31 | (500.00) |
| TOTAL Liabilities | $98,167.55 | $96,931.71 | ($1,235.84) |
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Where is all of our bailouts? For those of us who start in debt we are destined to finish in debt, why does this need to be the way? Minimum wage and a failing economy does not make it easy for anybody… Good luck!
I hope you get your own personal bailout soon -_- as far as the big bailouts go – I think there will be more to come and they will be over $1trillion
Interesting post. Thanks for giving the statistics.
Great post. I really like your writing style. Very interesting and very informative. Thanks for sharing this lovely post with us
nice research on the market , i`m not gonna to invest this time , will wait some more time , then see what happens
The problem with the bailout is that the senate tacked on billions of dollars in earmarks and pork barreling. They are supposed to be working to help the economy and instead, they are adding more expenses for tax payers.
I am also a free market kind of guy. But healthy businesses need to be able to get a line of credit from the banks. If they can’t do that they can go out of business, just because they can’t get their hands on cash, right away. Even though they are completely profitable.
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I am a person who is really far from understanding what politicians do and what direct effect it is going to have on the economy. The only thing I do understand is that having debts is not a good thing – for a country as well as for a person. Countries make debts as if there is no tomorrow, as if not they but their citizen’s children will not need to pay off the full sum…
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These are the articles that need to be read especially during this turbulent times financially.
That was a good statistic. This article is definitely a good read for me! Interesting and very informative. Although this wasn’t what I was looking for, but it did answer some questions I had in mind. Thanks for sharing.
Nice post.
Thanks for sharing with us.
Your blog refreshes me. Knowing about the weak economy and the debts that I accumulated depresses me. You’re in the same position but you make everything bright and easy. Yes, the only thing that I could do is to go forward. Tighten my belt a bit more and be more conscientious on bill payments. I’ll be piling cash not debts from now on, even with the Christmas season coming. Many thanks for cheering me up!
Keep stockpiling that cash, it is the king right now. Debt management as in no debt at all is my goal right now.
Now is probably a pretty good time to start investing in the market again. It will be a buyers market very soon.
i would find a nice private company to invest in right now
It’s all a bit too little too late. The fianace and credit market has been heading the wrong way for nye on a year before the media started hyping it into a recession.
I am sure all of you will agree to me that this post is not only stunning but wakening too. what is this state of crises has caused deterioration of our morale. But now the time has come one should get him self away from all the worries and tensions that our political high ups are creating for us and try to enjoy the life as best as we can.
The bailout process so far has got no significant effect. I believe those in trouble are always in trouble.
As far as bail out plan is concerned, we have seen many fatal mistakes by them and what they say at the end is “Oh, Sorry”.
And this is what I am expecting at the end of bail out too.
By the way if some one has finances then it is the best time to materialize gains from capital market.
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As shady as it might sound, it’s probably a pretty good time to start investing in the market again. It will be a buyers market very soon.While people lose their properties some are capitalising on that to increase their market share.
What side business are you talking about? >.< Need the extra dough
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It’s best time to start investing in areas other than capital market. This capital market will recover some day but the damages it caused to millions of the investers involved may not heal up.
Post is great and so are the comments on it. I would like to add that I used to invest too much in stock market. But the huge losses has made me emotionally sick. My psychetrist advised me to study blogs on the net. I feel great now. But when I see posts on failure of stock market it disturb me a lot.
Please try to invest as much as you can affoard the loss.
Personally I thought the bailout was a terrible idea. These corporations get bailed out for years of bad business. Where is the bail out for the rest of the country. Instead we lose more of our hard earned money.
It looks like the auto industries may be the next to be bailed out as well. This big businesses can be totally irresponsible and be bailed out yet if the average joe were to do it he would lose everything he owned.
I used to invest too much in Stock Markets. After incurring losses that ate my 40% of investment I took my self out of the Stock Market. Now I feel gratefull to God that Came out not with huge losses.
But now the sentiment is changing, I wish to invest again. But still it will take a long time to establish the investor confidance.
nice research on the market, not good time for investments now ah? we’ll see what will happen in time
great post
Informative and a very interesting post. Thanks for giving the statistics.
Great post. Thanks for the statistics.
I think it is awesome reaserch .. Behind everything there is statistics.. And thanks for that. Actually i want to invest now but unclear in my mind how to do that.
nice research on the market , i`m not gonna to invest this time , will wait some more time , then see what happens
I just hope that Obama’s stimulus package would make a difference.
This is good time to invest.Informative and a very interesting post. Thanks for giving the statistics.
The market is hopefully starting to come out of its slump. I think the next big thing to look for is if the housing market stats to improve here in the near future.
good post. Thanks for giving the statistics
your article it seems very good ,thanks
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