Some folks would rather talk about religion, politics, COVID-19 safety protocols or even their weight than discuss their credit card debt, according to a new survey from Bankrate.com. These days, that really means something. After all, families have fractured and friendships have evaporated after discussions over the 2020 election, and whether or not COVID is real. Compared to those incendiary topics, debt seems relatively tame.
The survey revealed that millennials are the most likely (62 percent) to be willing to discuss credit card debt, compared to Gen Z (59 percent), Gen X (51 percent), Baby Boomers (47 percent) and the “silent generation” (41 percent).
Ana Staples, a young credit analyst for Bankrate, thinks this is a good thing. “Even though debt is still an uncomfortable topic, young people are less prone to be cautious of its stigma,” Staples notes.
“Credit card debt isn’t something to be ashamed of.”
No – but it is something to be avoided. And many of those surveyed worry that they’re in this for the long haul.
Only 30 percent of those with credit card debt expect to be free within 12 months. A whopping 60 percent figure it will take five years. The number that struck me as particularly worrisome is this one: 5 percent of those surveyed believe that they will die in debt.
Banish the debt taboo
Before anyone brings up avocado toast and Amazon Prime, remember that plenty of reasons exist for credit card debt. Sure, some of these folks probably aren’t spending wisely. My admittedly unscientific guess, though, is that a combination of student loans, inflation and pandemic layoffs/business slowdowns have a lot to do with our country’s debt.
Keep that in mind if a relative or friend wants to talk to you about credit card debt. Instead of lecturing, ask how it happened and what plans they have. Point them in the direction of the National Foundation for Credit Counseling, which can offer advice and counseling that’s done on a sliding scale basis. (In other words, it might be free.)
And consider being a frugal role model, i.e., mention how you paid off debt and/or keep debt at bay. Again, not in a judgmental way but rather in an encouraging tone. This might mean more coming from an NFCC counselor – but on the other hand, a real-life example of debt-busting might be what they need to see.
Two things you can win
Savings.com is offering up $750 worth of gift cards to Macy’s and Sam’s Club. Here’s how that shakes down:
Enter to win one of five $100 e-gift cards in the #MacysGlam giveaway. Imagine a $100 head start on fall fashions, a new winter coat or, maybe, some holiday shopping. The giveaway ends at 11:59 p.m. PDT Thursday, Oct. 21.
Just one gift card is up for grabs in the SamsClubForTheHolidays giveaway, but it’s a big ’un: $250. You can do a lot of damage at Sam’s Club with that kind of money: groceries, toiletries, pet supplies, clothing, books, housewares and all sorts of gift items. And if there isn’t a Sam’s Club in your area, you can order online.
Both giveaways end at 11:59 p.m. PDT Thursday, Oct. 21. I hope one of you (or more than one of you) wins something.
Save a ton on stuff you need
My daughter has been having a perfectly marvelous time lately scoring décor and home-improvement items from a site called Auction Nation. She wrote about it on her website, IPickUpPennies.net, and since then has been texting me photos of things she’s found for rock-bottom prices.
Abby recently wrote a follow-up piece called “7 tips for shopping secondary marketplaces,” in which she details the ins and outs of buying from sites like OfferUp, Facebook Marketplace, Craigslist and of course Auction Nation. She’s an old hand at buying secondhand stuff for two reasons:
- She was desperately poor for quite a while.
- Years on disability plus years with a spendthrift now-ex meant she wasn’t able to save much for retirement; playing catch-up means trimming expenses wherever she can.
In this article, Abby turns her painfully won knowledge into useful life skills for other frugalists. Check them out, and save on your own furnishing/remodeling. You might also be able to take care of some holiday shopping this way.
Speaking of painfully won: The article has a parenthetical subtitle that mentions a “hopefully amusing tale of woe.” This has to do with her most recent find, a pair of extremely heavy shower doors. She provides photos of the doors and the bruises.
Readers: How often do you buy secondhand? Care to brag about your best finds?
I ALWAYS look for secondhand before buying anything! Why pay full price if you can get it for less, and save the environment from something possibly going to landfill!
The showerhead in my guest bathroom (that people RAVE about how great the water pressure/stream is) …….. was purchased for 25 cents at a yard sale well over 10 years ago! 🙂
That was a lucky find, all right. And I agree with you about the dump: I think of secondhand shopping as giving items another shot at usefulness before clogging up the landfill.
Always! The only “new” clothes I’ve had for years came from Goodwill. And they are perfectly fine. Also, I keep some extra Goodwill clothes at the house for when the grand kids come and maybe need a change. All the toys at our house for the grand kids came from Goodwill or the 2nd hand Kids Store. I just make sure to clean and disinfect. Same goes for a lot of our “hard” furniture such as tables or bookcases. Sometimes I think people don’t buy things like that because they do not look so clean. I try to look and see if I think a little “elbow grease” will do the trick and if so I don’t mind cleaning. We have dozens of kid’s books from garage sales and Goodwill etc. When the kids get to old for the books or clothes or toys we often resell to the 2nd hand Kid Store or pass them on. We have bought sports equipment for the grand kids at the 2nd hand Sports Equipment store and not a thing wrong with it.To me it doesn’t make sense to buy new if you can get what you need used. It’s better for you and also the Earth Win Win
I posted on a buy nothing Facebook site looking for Wii games for my kids during the pandemic and a lady messaged me to ask if I was interested in some Skylanders games and figures. When we showed up, she asked if my kids liked Legos too and gave us some Hatty Potter Lego sets along with so much Skylander stuff. ALL FOR FREE!!!!
Excellent luck! How very kind of her.
It does feel shameful to be a frugal person who winds up carrying some credit card debt, which happened to us when my husband had a large hospital bill after insurance paid, our house needed a series of expensive repairs, and then I was unemployed for ten months, part of which went into the early days of the pandemic. Even though we cut every expense, we had to carry some debt because it was kind of a perfect storm of financial horrors that exceeded our emergency fund.
We knew it was temporary and have retired most of the debt since I began working again — save for a recent urgent house expense involving rats in the attic! By the new year, we should be completely debt free, including our mortgage, if everything works out as planned.
Getting necessities for less and shopping alternative sources is a major frugal tip. Right this moment, I’m enjoying a $1.99 music CD from Goodwill, wearing a cardigan and shoes from eBay, underpants from Poshmark (new without tags), a blouse from Swap.com, socks from Dollar Tree, and a pair of slacks bought retail from Kohl’s nine years ago (they seem to be wearing like iron). My brown bag cooked-at-home lunch is heating up in the office microwave and I brought some store-brand soft drinks bought with a coupon. Life is good!
That last paragraph was a perfect storm, too: a tornado of smart money management. Well done!
I was happy this summer when someone from the neighborhood Buy Nothing Facebook group was getting rid of half a dozen pairs of jeans in my size. Bonus: She lives right around the corner, a 90-second walk from our front door, so it was a mighty easy pickup. One of the pairs of jeans is black and doesn’t look denim-y, so I wore them to the symphony a couple of weeks ago.
Realized that now I don’t have to buy jeans for YEARS now, unless I lose weight. A while back I bought half a dozen pairs of good walking shoes direct from Rockport (using Mr Rebates for the cash-back and paying with a rewards credit card), so I am set for shoes for quite some time, too. I’m a bit low on T-shirts since I’ve missed the last two Financial Blogger Conferences, but I recently scored a couple of those from Buy Nothing as well. Since I don’t work in an office I can slop around all day in sweatpants and tees, so when I do buy/acquire clothing it lasts for-evah. I feel very fortunate.
I am, ahem, a well upholstered woman, and I don’t find many items I can wear at garage sales. However, when we lived in what was formerly known as Barrow, I found a velvet knee length parka with wolf ruff and edging at the bottom of the coat, for $50. New I have seen them go for $800. Best find ever and I wore it for 15 years before it got so tattered nothing could salvage it.
Wow. What a find!
I shop in my own closet. I bought very high quality clothing and shoes for years, and after retiring I decided to donate some to the women’s shelter and keep the more casual clothes. I ashamed to admit I had A LOT of clothes. I put 70 % away, and I have not had to purchase anything but underwear and one new pair of shoes in years. I shop in my closets
I took in a homeless friend who is my size and loves shopping in my closet also!
The owner of the company I work for is very low-key: jeans, the
Company shirt, drives a 15 year old truck, and is financially conservative. He’s not cheap and he spends handsomely on things he enjoys while looking for bargains on things that aren’t as important. If you ran into him at Walmart you wouldn’t give him a second glance…. and you wouldn’t guess he was a millionaire. If more of us had that type of frugal practicality mindset, more of us would have hefty bank accounts.
Sounds like that book, “The Millionaire Next Door.”
I buy secondhand, shop thrifts and check yard sales. Best recent score – with so many houses being put on the market this past year, there’ve been lots of ‘free’ tables. I always look and often find something I can use. The first few times I passed this one house, nothing called out to me. Then then next time I drove by a familiar yellow color caught my eye. I circled back and pulled over, wow! It was a box of Nancy Drew books. The spines looked a bit dirty but as another commenter said, a little cleaning goes a long way. The covers and insides were perfect, perhaps read only once (which is so sad to me). I brought them home and immediately emailed my sister in-law asking if she thought my niece who is now 10 1/2 would be interested. My sister in-law certainly was! I couldn’t stand the thought of all those books – there were 23! – potentially being added to the dumpster in that driveway. And of course, it doesn’t hurt it resulted in big brownie points for Auntie! My sis-in-law said there are now approx 58 books in the series; and she will now add them to her yard sale hunt for list.
Yay for aunties who give books!