Emily Gould has a terrifically honest post about her struggle with credit card debt and coming to terms with the fact that she is “a person who fundamentally loves to spend money.” She also walks us through her experience negotiating a settlement with her credit card company with the use of a fake uncle. Read it here.
Photo: Daniel Oines
— From Jake Halpern’s New York Times Magazine piece on the dark, lucrative world of debt collection.
Following up on Josh’s post, “We Need a New Kind of Financial Advice,” I’d like to posit the following, to be taught in all schools and financial literacy courses immediately:
For most of us, debt management is part of being an adult.
Right now, the standard financial advice is get out of debt immediately because debt is bad. Or, the more nuanced version: because the longer it takes to pay off your debts, the more you have to pay in interest.
Many of us have thought, “What would happen if I just pretended this credit card bill didn’t exist? Hmmm…”