Utah's Bankruptcy Rate
So Utah leads the nation in bankruptcy rates. Does it surprise you? Not me.
If you are LDS, you generally get married at a young age and buy a house when earning power is generally lowest. You have a low wage because you are starting your career. Mortgage payments then become that giant sucking sound you hear while all the nice things you want to furnish your house with are that second large giant sucking sound. You want the house and the furniture but can hardly afford either. But with Utah pressures to become a normal family very quickly, you succumb to the sweet aroma of having it all and run up those credit card accounts.
Then two or three months later, you are struggling to make even the minimum payments. five or six months later, you can't even make the minimum payments and are running late on a few. Within a year, you are defaulting on one or more major cards. What did you gain? Nothing but debt and frustration.
My wife and I have experienced that pressure and fortunately, been successful in managing our budgets in a manner consistent with our income. We don't have all the decorations around the house that our neighbors and friends have, but we are financially sound and don't have the anxiety some of our friends have. We sometimes disagree on the importance of buying a piece of furniture now versus waiting until we are in a better position, but we never disagree when we both know exactly where we are month-to-month on our household budget. I guess that is what differentiates us from the DINKs or LDS couples of the state. We chose to live within our means. Why can't the LDS folks setup counseling on this matter with all wards? They have counseling on pretty much everything else. Utah would be well served (since it is generally controlled by the LDS) to push this issue back on to the church.
If you are LDS, you generally get married at a young age and buy a house when earning power is generally lowest. You have a low wage because you are starting your career. Mortgage payments then become that giant sucking sound you hear while all the nice things you want to furnish your house with are that second large giant sucking sound. You want the house and the furniture but can hardly afford either. But with Utah pressures to become a normal family very quickly, you succumb to the sweet aroma of having it all and run up those credit card accounts.
Then two or three months later, you are struggling to make even the minimum payments. five or six months later, you can't even make the minimum payments and are running late on a few. Within a year, you are defaulting on one or more major cards. What did you gain? Nothing but debt and frustration.
My wife and I have experienced that pressure and fortunately, been successful in managing our budgets in a manner consistent with our income. We don't have all the decorations around the house that our neighbors and friends have, but we are financially sound and don't have the anxiety some of our friends have. We sometimes disagree on the importance of buying a piece of furniture now versus waiting until we are in a better position, but we never disagree when we both know exactly where we are month-to-month on our household budget. I guess that is what differentiates us from the DINKs or LDS couples of the state. We chose to live within our means. Why can't the LDS folks setup counseling on this matter with all wards? They have counseling on pretty much everything else. Utah would be well served (since it is generally controlled by the LDS) to push this issue back on to the church.
posted by Utah Chris at 8:08 AM
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