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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Do you feel like you shouldn't spend any money on anything but bare necessities? We have pretty significant consumer debt and I know we should be putting every dime towards paying it off. We also should be saving money for college (paying off the debt will help a lot with paying for college). If we watch every penny we might be able to pay it off in 3 or 4 years. But[b] that means we don't do anything extra (take kids to the movies, sign up for kid sports, go anywhere, buy DD "cool" clothes etc) [/b]It means our kids can't do a lot of what their friends do (private school). But I know the sooner we pay it off the more money we save. It just means restricting our lifestyle a lot. If you have debt, are you paying it off aggressively and not spending on much of anything?[/quote]

What's your alternative? Bankrupt and home foreclosed in order to keep DD in "cool" clothes.

"Main Street" vs. "Wall Street", I don't see much difference. [/quote]

Actually, there is a big difference. But not to the advantage of the consumer. In fact, there is an EXCELLENT piece in last week's new yorker by James Surowiecki (who is an amazing writer on economic issues). He makes the -absolutely correct- point that business will typically file for bankruptcy simply as a matter of strategy and to force their creditors to restructure and/or reduce their debt. Makes it easier for them to pay things off and pay their bills. These companies do not have to, in fact, be bankrupt. American Airlines did it. Conversely, banks have been very unwilling to allow consumers this same courtesy. Forcing homeowners to remain underwater, keeping forking out huge interest payments, and foreclosing on homes rather than helping consumers stay in their homes. (The author recognizes that some homeowners made bad decisions but it was also the banks that made bad decisions and handed out the money.) Thus, "Wall Street" as you put it is living by the "do what we say, not what we do." So, there is a big difference.[/quote]

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