Seven People Tell How Economic Insecurity Can Get Ya

Debt is so common in America because there are so many different ways to fall into it — College; buying a house or car; taking out loans, etc. So to get a small taste of what people most commonly deal with, we asked seven people about any financial difficulties they might have dealt with or are currently dealing with.

Robert Phillips

Robert is a Physical Therapist on Long Island who says he luckily doesn’t have much debt to deal with right now. He remembers his biggest struggle financially was back in college. He enrolled at CW Post in 1979 and took out two loans for $10,000 each. His problems came during junior year, “I didn’t finish my third year of school so I was in major debt and I didn’t have my degree.” It led to even more down the line, he recalls: “Unfortunately at that age, and the attitude that comes with it, I was not good at making my payments on time which really hurt my credit through my 20's.”

Raymond Sullivan

Raymond is an Insurance Adjuster who has dealt with different debts at different times in life. He was another victim of student debt when he went to school, “The first debt I had, it was my student loans. Thinking back I think that really shaped my thoughts about borrowing money. I went to a pretty good college but never thought I got a great education and I hated having to pay back that money for the next six, eight, or however many years it was. The interest level was probably pretty low but the thought of paying extra was a real pain in the ass.” Ray uses the experience from school as he lives life with a wife and two kids now: “Today my wife and I owe money on ours cars and what I consider to be a ton on our house. That debt feels huge because the value of homes stalled for so long where we bought. Also, we try hard to avoid putting anything on a card because we don’t want to pay interest in anything other than the house and cars.”

Joann Bonilla

Joann is a college graduate from Adelphi University with a Bachelor’s in physics. “I feel lucky that I didn’t have to worry about student loans for me or my family and that my scholarship was large enough for us to handle the rest.” But Joann doesn’t feel like she wants to pursue a career in physics now and the thought of going back to school and its consequences bother her some: “I don’t think I’d get as lucky going a second time around and that definitely plays into my decision about a career and going back to school in general. For now, I’m just working and putting my money away until I really need it.”

Matt Santamaria

Matt is another college graduate who is going for his Master’s in Communication Arts at New York Institute of Technology in Old Westbury, NY. He’s another student that learned early that being smart with your money really helps in the long run and sounds a lot more comfortable than others his age do: “I have friends who have jobs but seem to always have little to no money and it’s because they spend it on things they don’t really need at the time. I have three accounts that include an investment fund that allows a higher interest rate.” He also thinks that his choice of school has helped pad the cushion even more since he commutes. When considering schools, he looked mostly local because commuting expenses still weren’t as expensive as living on a campus far away.

Jan Argentine

Jan is a receptionist for Essential Fitness, a personal training studio. She recalls back to her 30’s, “There were a couple of factors at the time. I was pregnant with my son at the time and i also was putting way too much onto a credit card. That built up over time and it took close to five years to finally recover from the hole it put me in. With a kid, that isn’t easy. But it taught me a valuable lesson that I take with me now which is to just live within your means.”

Brian Mischke

Brian is personal trainer and the owner of Essential Fitness. He is currently experiencing debt in the form of a 30-year mortgage that he has put down on his home, “We’re, me and my wife, are five years into [the mortgage] with 25 left. I’m trying to cut down on the time we have left by adding more money each month to principle, but that will get harder to do once the baby is born.”

Kevin Jackowski

Kevin is student of SUNY Farmingdale going into his final semester studying Criminal Justice. He is also a student who saves money by commuting to class and tuition was never much of a worry in hsis house. His situation was unique because he was the only person to talk about making payments on their car. “I totalled a PT Cruiser I had last year and when looking for cars, I talked with my parents about leasing for a couple of years. We agreed the payments for the car and insurance would be taken care of by me and then we went and picked out the new Honda Civic,” Kevin says. “I can’t lie — I like to spend money, but having to make these payments every month showed me how careful I actually have to be with my money.”