I honestly think that people who overspend have issues that they need to overcome. These might just be entitlement issues, but until the underlying cause is addressed they won’t really stop spending.

I’m gearing up to go back to school after a long absence, and really excited. I’m not excited about the necessary student loans, but I consider them “good debt” (as opposed to credit cards being “bad debt).

I do like Aamar’s comment “And it takes character to deny yourself something and discipline yourself. Thus being in consumer debt, in my mind, does have to do with discipline and character.”

He does make a distinction and say that consumer debt has to do with one’s character.

I am not sure that we can use any blanket statement though to say all debt is an integrity issue. I do think that taking responsibility for your actions means you will pay the debt back though.

Larry’s philosophy is better explained when he makes a woman with 1,000 pairs of shoes apologize to her landlord/cousin/mother for being late paying back the money. That act to me shows what he means, that it is an integrity problem when you spend on things you can’t afford. It usually involves crying, and the shopaholic usually wants to just put the check in the mail. And that is the difference between taking responsiblity for your debt and paying it off.

How would you suggest paying for sugeries and other medical bills that are a necessity (and this is just one example) by “working hard”? Shall one wait till one has saved enough for a $10,000 surgery and possibly die in the meantime?

There are as many reasons for debt as there are people who have it, and many of those reasons have nothing to do with not working hard or not being able to delay gratification. Judging others without knowing their situations is always dangerous.

I stand by my comment: Equating “good” financial choices with good character is, in my opinion, a large mistake.

Re m’s post: It’s hard for me to enjoy something on someone else’s dime, whether i have to pay it back later or not. I’d argue that integrity in this case means being able to deny getting something unless YOU can get it by working hard. And it takes character to deny yourself something and discipline yourself. Thus being in consumer debt, in my mind, does have to do with discipline and character.