We paid off a credit card today. It was a victory, but it barely made a blip on our daily routine. One reason is that mornings for us are a little crazy with walking a dog, and getting the kid ready, setting up remote school, and then setting up the wife’s remote work. Lots of moving parts. The other thing is that we just paid off one card of seven. So, we still have a long way to go.
The reason for our debt is wide and varied, and will be the subject for a blog on another day.
What I want to engage in is just talking about debt. Ever since I can remember, no one talked about their debt. Not my family, and not my friends. Maybe a joke about credit cards, or the ever-enveloping nature of student loans. Outside of an occasional joke, no one talked about the debt that was amassed.
Debt has always been treated as a moral failure. That any debt is a sign you have failed in some way. That you are bad with money, or frivolous with planning, or just a person who can’t hack being an adult. Shame was placed on having debt.
But as I have worked professionally, all companies have debt and use it to their advantage. Either in leveraging it for lines of credit and loans, or using it as a loss for their taxes. Companies buy and sell each other and use the debt to load on the acquired company. I was sort of surprised at how corporations I worked for, had no intention of paying off their debt.
I have decided that I will not be ashamed of my debt, and at the same time, I will still actively try to pay it off.
But at the same time, I know if I pay all my debt off and no longer use my cards, then the banks will close the accounts, and then my credit will dry up. Now, if that happens, then I won’t be able to get the home/car/student loans I will need in the future. So, it’s like I have to keep some debt on the books.
Funny how that works.
