Debunking the Young Debtor Stereotype

The author of Strapped calls credit cards a "necessary evil" in today's economy.


Is living in debt a problem? Should we just accept it as a necessary part of a modern lifestyle?

Debt is a major problem that we can address. The reality is, much of the rise in debt is related to broader weaknesses in the economy, such as declining incomes and rising costs. Our nation needs to address the systemic forces that are making households increasingly economically vulnerable. If we don't address the problems of rising healthcare costs and stagnant income growth, households will continue to rely on debt to make ends meet. How do you personally handle debt in your own life now? How do you use credit cards?

At this point in my life, I'm able to pay off my credit card balances at the end of each month. I use them only for convenience, but in my 20s I relied on them for just about everything but the rent and utilities.