Re: Suzy Orman would be proud
chapAnjou
2/28/2012 12:34:14 PM
Agreed Noreen.
If you're already in debt, how could you not pay that off first before moving on to one of the other options. If you pay off your debt first, you will now be able to use the money that was going to the debt for whatever endeavors you see fit - including giving to charity.
Not many surprises
chapAnjou
2/28/2012 12:29:18 PM
Most of the poll answers fall in line with what you'd expect as a nation slowly crawls out of the most recent economic down-turn. The one piece of info that I did find shocking (and personally, I doubt the validity) was that the number of people who would give to charity was higher than the number who would give to family. I would give anything to see this hypothetical scenario actually take place and see what the poll responders actually did :)
Yes, @Pheonix...we've reached the point -- or so many of us have anyway -- where the old saying about "charity starts at home" takes on extra meaning. It's like when an airplane starts to crash--you are always warned to put your own oxygen mask on before you try to help someone else.
Re: Suzy Orman would be proud
Phoenix
2/28/2012 11:06:11 AM
You are right about the debt Noreen. I'm sure people would want the security of not having to worry about loosing assets such as housing. So it's not surprising they would want to pay off any remaining debt. And it also makes sense to invest in order to make the money grow. It tells how sad the economic situation really is when we realise that although people may want to give to charity and friends that want taken a back seat to the immediate needs of feeding their own family and putting a roof over their heads.
@noreen exactly right.
The other struggle is that real incomes are not keeping up with inflation. We have to figure out a way to get more of those S&P 500 earnings to spill into worker's pockets. C'mon, corporados, give us a raise!
It seems to me that most people will only start to feel really confident again when they feel some sense of security, and that means having manageable debt and a reasonable nest egg. Given the disparity between the interest on savings and the finance charge on debt. it's logical that people are attacking the debt first. Better return on their investment.
well, people want to pay off debt, that's good... It's also what's weighing on the economy as people try to repair their balance seets. Washington D.C. doesn't like this cause it slows growth but isn't it a good thing?
Don't forget to take our latest poll--and share your thoughts on gas prices.
A Million Ain't What It Used to Be!
Street Smart
2/28/2012 8:18:17 AM
Interesting but not surprising poll results, @Noreen! For those of us with kids and mortgages, a million dollars is, sadly, not as much as it sounds like. I suspect that when most people who aren't encumbered by student loans talk about paying off debt they mean paying off their mortgages and owning their homes free and clear.
In this climate of near-zero interest rates, that scenario certainly would tempt me! But I'm a bleeding heart for charity, too. I'd give a bundle to animal rescue and it would tickle me down to my bones to be able to do so!
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