No Ballet For You Dear, Daddy’s In Debt

December 19th, 2009 | Posted in Credit Card Debt

Kids say the darnedest things, don’t they? Isn’t it just so cute when they ask, “Daddy, what is a viable consumer debt solution?” Ouch. I know it hurts, but you live by the sword, you die by credit card. OK, that’s an exaggeration, but sooner or later, you’re going to have to deal with the reality of your debt.

You have bills to pay, you have kids to think of, and probably day care or school to shell out for. And if you think you have a lot on your plate now, just wait, sonny boy. When they hit middle school, you’ll be in a new world of hurt when class distinctions and economics come home to roost.

You may be able to break the debt cycle by setting a good example and being very clear with your children. Sure, it’s not pleasant to tell little Betty Lou that the reason she can’t go to ballet lessons is because daddy spent too much money on sneakers and eating at Chili’s. That’s a heartbreaker, but it might help the lad or lass understand that spending has ramifications.

It’s physics. For every action, there is an equal reaction. You spend more than you have; you get kicked in the face financially. Your credit score plummets and suddenly your options in life have gone bye-bye. Everything will take that much more time and money with a heinous credit score. Essentially, you have to do everything with cash and usually two or three times as much.

Make a stab for financial freedom and let the kids watch. They can benefit from your mistakes by avoiding them completely. Certainly, no parent wants to lead by negative example, but if you’ve made mistakes, you have to redress them. Be honest, tell it like it is and apologize profusely. There is no sense in you taking pride for depriving your daughter of ballet.

A useful consumer debt solution is a phone call away. To be sure, you probably don’t want the kiddies around while you’re making it, but they may well benefit from it in the long run.