Jay Evensen: Forget the feds, credit cards are big debt crisis

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  • olderperson salt lake city, UT
    Feb. 24, 2013 8:16 p.m.

    Dear writer of the article: how old are you? I have worked for 28 years in part time work on and off depending on what the duration of the job was. Acquiring credit card debt is not limited to just one month - if is cumlative. Each time a person tries to fix the problem, along comes another problem (life's little problems - rent, utilities, food, etc) If a person works a 40 hour week at 8.00 = 320 x 4.5 = 1440, half of that is 720. Try living on that. Then there is the problem of the job being only for a short time = equals no income. It is not a matter of planning for retirement, it is a matter of a steady income. Are you aware that the Federal Govt passed a law stating that if a person works 1/2 of the full time, that no benefits need be paid.
    So, what happens, employers, including all govts, employ 6 month employers. Viola - no benefits need be paid.

  • BYUalum South Jordan, UT
    Feb. 23, 2013 10:58 a.m.

    We limit ourselves to one credit card and pay it off in full every month. Prescriptions charges are our greatest expense outside mortgage/utilities. Do everything you can to get out of debt. Listen to Dave Ramsey in the evening on the radio to get inspired. Even though the feds and the president/his family/vacations, etc. are not cutting back, we must. Any extra money should go into savings, food storage, and emergency preparedness items. We don't take expensive vacations any more. We get gift cards to our favorite restaurant in lieu of gifts we don't necessarily need at Christmas and birthday times.

    "Make it do, use it up, and wear it out" as my mother used to say.

  • Irony Guy Bountiful, Utah
    Feb. 22, 2013 11:47 a.m.

    Jay is wrong again. The savings rate is climbing far faster than debt. The savings/debt ratio is righting itself as it naturally does, particularly among young people who now have the lowest credit-card debt load in 30 years.

  • george of the jungle goshen, UT
    Feb. 22, 2013 6:19 a.m.

    Take a step out of line. Don't take another step toward that cash register.

  • Swiss Price, Utah
    Feb. 21, 2013 8:10 p.m.

    I thought people were saving more.
    Are both happening, Jay.

  • JayTee Sandy, UT
    Feb. 21, 2013 7:38 p.m.

    People who rack up personal debt by choice are one thing. Irresponsible "representatives" who waste our money on a spending spree of record proportion (today's understatement) are quite another. If a person is fool enough to get into more debt than they can handle, they should suffer the consequences. If politicians spend more than they (we) can ever conceivably repay, THEY should suffer. But in this case, it's WE who suffer, and they just go on spending. It might be unbelievably painful when the piper does come calling, however. But will there be anything left of the country by then?

  • Anti Government Alpine, UT
    Feb. 21, 2013 1:50 p.m.

    This is impossible. /sarcasm

    Democrats passed financial reform and we were promised these predatory lenders were going to be held to account and people were going to be able to get ahead/out of debt.

    What a shocker.

    The next question is why do they have all the debt? Because the economy stinks despite hope and change for 4 years and six speeches saying "jobs is my #1 priority".

    The reality is that this is the new reality and that is everyones standard of living is going to decline.

    My healthcare costs nearly doubled this year and I work for a Fortune 500 company. Gone is the 80-20 plan and in with basically a catastrophic plan where I pay $4800 in premiums and I get to pay the first $5000 out of pocket before I get any coverage. Sweet.

    We have so much to look forward to with all the great legislation that has been passed.

    I'm sure it will be even better next year.


  • Mike in Texas Cedar City, Utah
    Feb. 21, 2013 1:13 p.m.

    Young or old the only way to beat the credit card industry is to pay off the full balance every month. And then they have a label for you. They call you a "deadbeat".