Blogging Their Way To Financial Discipline
This Sunday's New York Times included a fascinating consumer finance/personal interest piece on individuals who have harnessed their blogs to help them get their finances in shape. As one would expect, a heavy debt load, regardless of its cause, is not something most people willingly discuss. However, the anonymity provided by the internet has allowed heavily indebted consumers to chronicle their struggles to return to financial health. In response, these bloggers have received their share of encouragement and admonition from their readers.
As someone who is externally motivated, I can appreciate the desire to be held accountable by others. I'm also enthusiastic about the possibility of gaining better insight into the lives of heavily indebted Americans. I welcome any chance to move beyond the rhetoric surrounding consumer debt and into the reality of it.
Some of the blogs mentioned in the article:
- bloggingawaydebt.com
- kgazette.blogspot.com
- saveleighann.blogspot.com
- wereindebt.com
- thedebtdefier.blogspot.com
- http://ncnblog.com/
While I appreciate Professor Warren's spotlight on abusive lending practices, the politics of consumer protection, and the role of government in ensuring economic security for the middle class, I'm not so sure self-help groups are an appropriate topic for us here. Maybe I need my own 12-step program to stop reading all these posts . . .
John
http://www.haberarts.com/
February 19, 2007 4:42 PM | Reply | Permalink
John, I understand what you are trying to say, but at the same time, I think mentioning self-help groups is entirely appropriate since we need to take some responsibility for the problem ourselves. Maybe we need a self help group on taking responsibility for the condition of our government, instead of complaining about it and expecting the government to solve our problems for us.
Don't forget Dave Ramsey's group http://www.livinglikenooneelse.com/
Jim Anderson
The Truth About Credit
Facebook ProfileFebruary 19, 2007 8:16 PM | Reply | Permalink
John,
Thanks for your thoughts. I mentioned the article not so much because of the "self-help" aspect, but because of what it says about human psychology. Basically, instead of weighing the benefits of spending money immediately vs. spending money at a later date (as economists imagine us), these bloggers appear to be making decisions between the pleasure of spending today vs. the pain of telling their readers.
To create effect policy and law we need to understand the realities of day-to-day life for those deeply in debt as well as how people make decisions related to their finances. E.g, requiring more or less disclosure is only worthwhile if it effects consumers' decisions.
What often makes the politics of middle class issues so frustrating is that too little attention is paid to what's really going on. Plus, a little positive news never hurts.
Mark
February 20, 2007 1:48 PM | Reply | Permalink
Having dealt with living beyond my own means before, the time spent blogging might be better spent finding a second or third job to pay down the debt.
February 20, 2007 1:58 PM | Reply | Permalink
Not unless you change your spending behavior first. Otherwise, you are enslaved to debt indefinately.
Jim Anderson
The Truth About Credit
Facebook Profile
February 23, 2007 10:05 AM | Reply | Permalink