The understanding is that sometimes people have to work out the problem on their own instead of being bailed out, otherwise the problem will just repeat.
Exactly.
Part of the reason I accumulated so much debt is that I wasn’t saving for a rainy day in the first place. And put myself in a position to be taken advantage of by friends, girls or otherwise. I’ve permanently rectified both issues since then :).
I consider myself lucky that I’ve learned my life lessons early. When I read these stories about folks in their 40’s and 50’s and bankrupt, I just shake my head. I can’t even imagine having to start over that late in life.
What I have *no* sympathy for is the folks that have ruined themselves through over-consumption. McMansions, SUV’s, vacations, big TV’s, etc. I say bring back debtors prisons for these people.
