The American way is giving debt and we always accept it. I did that some years back. I tried to the best of my abilities to pay back the credit card bills, study loans, car loan and other essentials like food, gas bills, electricity bills that an adult requires in present years.
I tell you a story of my childhood friend who also accepted debt like many of other people. Almost seven to eight years ago, he was enjoying his music career which was on the peak that time. As it is in the cycle of life, time changed and somehow he lost his job. He tried to find another job but even at that time the job opportunities in music were very less. 
Then he decided to switch off to a teaching job in school. He was selected as an assistant to some professor and began to earn 9.75 dollars per hour. That account for a dramatic decrease in his income. On the other hand, he had no health insurance, no savings, and even could not pay his rent. He was using the money of his retirement account and was using credit card. After three years, luckily he got a good job in Northern Virginia with decent salary. But to bear the expenses of moving across the country all money was used from the retirement account.
He soon realized that he was using his credit card to fulfill his basic necessities like food, traveling expense and utility bills. He had $30,000 each in credit card debt and school loan debt.
He was just paying almost $500 interest per month. If he got lots of money in lottery or some relative of his, left lots of cash for him then he may be able to pay the debt money otherwise not. The big four zero amount kept him in the sate of depression. With this depression, he went to see a lawyer and very kind lawyer after listening to his story of debt advised him to declare bankruptcy. He took his advice and declared this. After this his car and school loan s were manageable and that monthly pressure was gone. And eventually that hard feeling of being declared as bankruptcy had gone after three to four months.
When a person files bankruptcy then he has to change his life style a bit. My friend did that as well. He managed his budget and adopted a simple lifestyle then a spendthrift life. And his credit card was still with him but with $2,000 limit. Being a teacher, he got some yearly raise in his salary and also started saving some money.
A terrible flood struck the city that summer and he almost lost everything. Then he came to know that the renter’s insurance just pays half of the value of any to be replaced article. Rest of the money to buy those items came from his pocket. The limit of credit card soon ended. Winters were approaching and he had to buy warm clothes.
On the top of it, one day he parked his car and left for his work. When he came back he saw that the car was sitting on the floor without wheels. This was an expense of $500. After all his misfortunes, he just kept the faith and tried to keep himself busy in his work with 6 grade students.
Life seems just a mess in the situation like above. But these things happen to the people on this earth. The real American way is to keep one’s focus on the good. It may seem very bad but life moves on. Isn’t it?
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{ 1 comment… read it below or add one }
this is a sad story but should be addressed properly. Everybody is hit by the crisis and all we can do is to be firm and tough to combat this one.