Comments on: Pop Politico: “Debt Nation”

By: Ted

Ted — Thu, 30 Oct 2008 23:25:53 +0000

Did you see today's economic news? Consumer spending is down 3%, more people are delaying gratification by using layaway plans, and they are driving less. You're right, people do have the power, and in a consumer capitalist country such as ours, it's sad that what's going on above is the wrong thing to do in terms of economic health. Having said all that, just know that I'm not running out to buy stuff I don't need — though that Google phone OS is pretty darn slick.

By: Ted

Ted — Thu, 30 Oct 2008 23:06:42 +0000

You're right about me being circumspect about debt — I used the graphic in an ironic way.

By: Ted

Ted — Thu, 30 Oct 2008 19:25:53 +0000

By: Ted

Ted — Thu, 30 Oct 2008 19:06:42 +0000

You're right about me being circumspect about debt — I used the graphic in an ironic way.

By: Ted

Ted — Thu, 30 Oct 2008 18:25:53 +0000

By: Ted

Ted — Thu, 30 Oct 2008 18:06:42 +0000

You're right about me being circumspect about debt — I used the graphic in an ironic way.

By: steve

steve — Wed, 29 Oct 2008 20:53:20 +0000

You're right Ted, I'm not saying the credit card companies are blameless. Yes, we need smart regulation and we need to enforce it and impose stiff penalties that actually mean something when infractions occur. But of the two parties in “the dance” – the American consumer and the credit card companies – the consumer has all the power. If they choose to behave in a fiscally responsible manner and spend only what they can afford, they would make it very tough for the credit card companies to do them harm. A 25% interest rate doesn't really hurt when you carry no balance. We can give them the ultimate finger by just being responsible with our money. But greed drives America, and that will never happen.

And as you can tell by my past comments, I've noticed over the past decade that cellphones and the flat-screen TV transition are a great way to gauge the blatant wasteful consumerism got-to-have-it ways of the bloated American. Cellphones are like a safety-blanket and a life-giving teet, and no price is too much to pay for the latest/greatest. So with that said, it will be fun to see how many units – in these “dismal” economic times – Google will sell of it's new phone, to be released soon.

http://www.google-phone.com/google-phone-is-com…

And almost every single person who buys one will already have a perfectly good cellphone that works fine. Consume, throw-out, consume, throw-out….

By: Evelyn Guzman

Evelyn Guzman — Wed, 29 Oct 2008 10:59:58 +0000

I don't think you believe in "In Debt We Trust." I can tell with your behavior when you made your first purchase at Macy's that you don't trust it at all although I know you tried to pay for it because you didn't know what to do. You really learned from the model your father showed you when you were growing up. Lucky you!

Evelyn Guzman
Debt Challenger

By: Jonathan

Jonathan — Wed, 29 Oct 2008 06:38:30 +0000

Great piece Ted. Unfortunately or rather due to my reckless mismanagement, I have a huge pile of debt – credit cards and personal loans. At least, I am glad I had the foresight of what I was getting into (though it came a little late). I have been quite prudent in my spends for the last 1 year and have been consistently reducing my debts but I do still have a long way to go. I hope I dont change track..

By: Ted

Ted — Wed, 29 Oct 2008 02:34:07 +0000

I hear you on rampant consumerism, but my larger point is that there are two in this dance: the credit card companies who find new ways to shake us down for money (but because of their reckless business practices get bailed out by taxpayers), and those of us who use credit to maintain a lifestyle that leads to high debt, but are now punished by the very companies who are getting coddled by the government.