I don’t often feel a lot of pity for people who get themselves into debt that they can’t pay off. I was raised in a frugal family. You only buy what you can afford. You save money for emergencies. And no matter what, you pay what you owe.

It’s easy to have no sympathy for those who got themselves deep into credit card debt because they’re irresponsible. (No, it’s not the credit card company’s fault for extending you the credit. It’s your fault for using it.) I don’t feel bad for people who bought houses they couldn’t afford, hoping that down the road they’d have enough equity to refinance and keep their payments “affordable.” That’s just dumb. Continue reading