How much do you owe?

Even though he racked up these debts before you got married it is important that he pays his bills on time.

Although you don't look at it as your problem, in the eyes of his creditors, you may be just a responsible for repaying any debts owed.

Congradulations on personally being less than a thousand dollars in debt. I wish I could say that.

Lloyd

Wow, it's good that you have so little debt next to your name. For me, I have a few debts but luckily for me they are not credit card debts and I think I'm slowly but surely managing to gain some appearance of control over my personal finances. I actually learned the hard way about credit card debts when I took out a student package and then couldn't pay it back and the bank sent a lawyer after me. Amount was not especially large, but I was unemployed at the time and finding the money to pay back the debt was incredibly hard. I've not owned a credit card for nearly 5-years, though I do own two debit cards, which I use more as a matter of convenience.

As far as the American, and mostly Western World goes, credit is a major problem. I think the whole economic system of the world is based on wreck less spending. In Asia, we've always depended on Americans to spend. When American's spend, we make money because there's growing demand for the goods that we manufacture. However, I think wealthier Asians are spending more money at home, which has its good and bad points.

I don't think all debts are bad. Sometimes they are necessary, especially when you need to do things like buy a house or a car. However, I think debt becomes a bad thing when people start using it to buy all sorts of nonsense that they don't need, something which has been the case with the American consumer in the last decade or so. Not sure how many American households are going to adjust paying down debt and living on allot less.

Unfortunately, when one spouse has a lot of debt, it will always affect the other - since a large amount of their income goes to pay their debts, there is less of their income available for joint expenses.

We live in ND and last weekend Obama was speaking in Fargo. One gentleman asked him what he intends to to about the state of the economy - he responded that he wasn't really familiar with such things and he'd look into it! Scarrrrrrrry!

reason 2, 345,675,876,876,260 I will not vote for him That is SCARY

I think that there should be classes in our schools to teach teens about money management. There are economics classes and practical living classes that touch on it, but never enough to actually make a difference. My daughter is a special education teacher and she actually teaches more about finances and money management to her students that is taught to the students in the regular student body.

I agree that high schools (or even as early as grammar school) should teach practical money management skills. It wasn't until college, when I was taking pre-calc, that I could actually see and understand how interest works.

Its a shame, because I am in debt now, and working to get myself out. I've started getting into Suze Orman, and I highly recommend her books and TV show. I feel like when you start to think about your finances as a tool that can empower you, you can start to make good decisions about how to save and manage your money.

Or at least I hope!!