Should You Practice Radical Acceptance With Your Debts?

In this week’s edition of the New York Times, an adorable hedgehog named Goober is enjoying his 15 minutes of fame.  Of course, Goober’s innocent wonder is such that he probably also enjoys the moments of his life before and after his brief stint as the Internet’s most beloved unconventional household pet just as much.  The online edition shows not only a close-up image of Goober’s beady eyes and harmless spines, but also a video of him sniffing around his environment with his tiny, upturned snout.  It is obvious to everyone who reads the article, as well as to those who just scroll through and look at the pictures, that this hedgehog sparks joy everywhere he sets his precious paws.  It is also obvious to everyone who has tried to survive in today’s economy that Goober represents a splurge, even though his annual expenses do not crack the quadruple digits.  If people cannot afford a $400 emergency expense, they certainly cannot afford a pet hedgehog, not even one as irresistible as Goober.  The author of the article, which is about the spending habits of Americans in their 20s and 30s, implies that Goober’s human buddy, Simon, has as much debt as you and I have, but anyone who wants to take issue with him about it should first try to watch a ten-second video clip of Goober without cracking a smile.  Sometimes paying down your debt isn’t everything.  If you are in despair about your debt but are too practical to try to cheer yourself up with a pet hedgehog, contact a Philadelphia debt relief lawyer.

Sometimes Putting Every Extra Penny Toward Debt Repayment Is Not Practical

Economists tell you that you should put every penny in your budget that doesn’t go to rent, utilities, transportation, or instant ramen toward paying down your debts, but they have never walked in your shoes.  Sure, the folks in the New York Times article spend their money on things like pet hedgehogs because they are never going to be out of debt no matter how hard they work or how much they pay, but that is not you.  You want to be out of debt; what sparks joy for you is decreasing the financial burden your children will have to bear.  You spend every waking moment working, and after you pay the bills, you have ten dollars left.  What do you do?

According to a recent article on CNET, if you are living paycheck to paycheck, an emergency fund should be your first priority.  It will stop you from having to take on a new debt in the face of the unexpected, even as you keep making minimum payments on the others.  If it will stop you from having to use buy now pay later (BNPL) for groceries six months from now, it is helping you take baby steps toward paying off your debts.

Contact CONSUMERLAWPA.com About Coping With Debt

A Philadelphia consumer law attorney can help you find practical solutions to your debt problems if you are living paycheck to paycheck.  Contact CONSUMERLAWPA.com to set up a free, confidential consultation.

Source:

cnet.com/personal-finance/5-debt-payoff-tips-for-low-income-households/