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Why do we only discuss expenses when reducing credit card debt?
#1
Whenever I read articles about paying down credit card debt, or any kind of debt really, the author always focuses on rearranging how they spend the money they have. They say things like "make a budget", or "limit your spending". But they never seem to discuss the other side of the equation and that is making more money. How about picking up odd jobs, or be an Uber driver for a few hours a night. I think doing both - reducing expenses and increasing income is the real solution to money problems.
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#2
(01-11-2018, 10:25 PM)Michael Puttman Wrote: Whenever I read articles about paying down credit card debt, or any kind of debt really, the author always focuses on rearranging how they spend the money they have. They say things like "make a budget", or "limit your spending". But they never seem to discuss the other side of the equation and that is making more money. How about picking up odd jobs, or be an Uber driver for a few hours a night. I think doing both - reducing expenses and increasing income is the real solution to money problems.

I couldn't agree more. It's always wiser to try to figure out how to increase your income and be ambitious about it. Looking for a better paid job is one option. One can develop new skills by taking an educational course, for example. Looking for a part time second job is another great option, as long as you have the energy and can manage your time well. 

You are asking a thoughtful question though. They always advise people to cut their expenses in these articles. Why? Maybe because most people are too lazy and tired to push themselves beyond their limits? Just maybe...  Smile
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#3
Some people are doing enough work that they can cope with so rearranging how they spend their money is thought to be the best way forward. It should be asked though and suggested to borrowers but if they are doing enough work already they may not want to do more. Or have the time to do more work. Looking at how someone spends money is a good start to manage finances better. The answer isn't always 'do more hours of work' but cutting back on the unnecessary expense to achieve the funds to pay for something that they want.
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#4
I hate seeing this too. All the lists seem to be things like:
"Make coffee at home instead of buying it every morning" - I don't drink coffee.
"Cancel your gym membership" - I don't have a gym membership.
"Don't take a family holiday this year" - I'm trying to save so I *can* take a holiday for once!!
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#5
(01-13-2018, 06:54 AM)chikatilo Wrote: I couldn't agree more. It's always wiser to try to figure out how to increase your income and be ambitious about it. Looking for a better paid job is one option. One can develop new skills by taking an educational course, for example. Looking for a part time second job is another great option, as long as you have the energy and can manage your time well. 

You are asking a thoughtful question though. They always advise people to cut their expenses in these articles. Why? Maybe because most people are too lazy and tired to push themselves beyond their limits? Just maybe...  Smile

Laziness is not only the factors. It depends on the country if they can still accommodate having additional jobs. Here in the Philippines mostly they don't have time to add more jobs because they usually spend their time working the whole day plus long hours of commuting. They will spend their time in the office roughly 8 - 10 hours(plus overtime) plus 2-3 hours of traveling to work then 3-4hrs getting off the office it's so super traffic here that you need to travel early in the morning just to avoid the traffic and sometimes trains are usually not running because of mechanical problems. The transportation is a serious problem here and yet no solution so far. Even if they want to have additional jobs they can't do that because they are too tired already. They will arrive home just to eat, little chat with their families and a small amount of sleep.
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#6
For some people with families, it isn't always practical to work more hours. Some people may be trapped at home and not able to go out to work. Of course you may argue they shouldn't have the debt to begin with. I guess the best advice is to try to work more if you can, if you can't then follow other tips.
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#7
(01-13-2018, 10:10 AM)aecel Wrote:
(01-13-2018, 06:54 AM)chikatilo Wrote: I couldn't agree more. It's always wiser to try to figure out how to increase your income and be ambitious about it. Looking for a better paid job is one option. One can develop new skills by taking an educational course, for example. Looking for a part time second job is another great option, as long as you have the energy and can manage your time well. 

You are asking a thoughtful question though. They always advise people to cut their expenses in these articles. Why? Maybe because most people are too lazy and tired to push themselves beyond their limits? Just maybe...  Smile

Laziness is not only the factors. It depends on the country if they can still accommodate having additional jobs. Here in the Philippines mostly they don't have time to add more jobs because they usually spend their time working the whole day plus long hours of commuting. They will spend their time in the office roughly 8 - 10 hours(plus overtime) plus 2-3 hours of traveling to work then 3-4hrs getting off the office it's so super traffic here that you need to travel early in the morning just to avoid the traffic and sometimes trains are usually not running because of mechanical problems. The transportation is a serious problem here and yet no solution so far. Even if they want to have additional jobs they can't do that because they are too tired already. They will arrive home just to eat, little chat with their families and a small amount of sleep.


I hear you, my friend. That's why I said "maybe people are lazy and tired...".

Commuting is becoming a huge problem everywhere these days. Road traffic is increasing, as more and more people are able to buy cars. The whole process of being stuck in traffic takes it's toll on your nervous system and mood. I myself become cranky and tired when I have to drive for an hour in a big city.

Another factor is the heavily polluted environment in which we live.  30-40 years ago it wasn't like that, the air was much cleaner. I am under the impression that in the past people were healthier and more energetic regardless of the fact that people live longer nowadays. We live longer, but we're sicker and more tired... Maybe some would disagree on this matter, but that's a personal opinion based on my observations in my home country.

Yet I know people for whom commuting is not a problem, they work one day, after that they're off for two days, they always complain about not having enough money and yet they don't bother finding a second job.... That's what I call lazy.
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#8
It is actually for security as a plan when reducing credit card debts. It is very important to talk about expenses in order to manage the money.
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#9
You are definitely right. Most of the times, our credit goes up because we spend much more than what we earn. If that is the case and spending is really necessary, then cutting back expenses is not the best option. It will be better to have an extra income to address that problem. There are lots of jobs out there that can be done on the side, especially on the internet. And you need not to go outside or be stressed by extra work. It could actually be a hobby or a skill you have already. So I guess these credit problems are mostly, due to behavior.
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#10
Good point! I am also more inclined to find extra work where I can. I have done some transcription work for my neighbor who was a professor, but then they moved and I lost that opportunity. I am sure I’ll find another side gig soon, though, it just takes some searching.
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