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Money Talks News: The Woman with the Award-Winning Debt

Going Broke Isn’t Always Obvious

Francine and her husband, Jim, didn’t look like they were in debt. They had no fancy cars or fancy clothes. They’ve never owned a flat-screen TV or the latest smartphones. Neither was laid off or faced a medical problem before Jim’s dementia. And they suffered no addictions to alcohol, drugs, gambling, or even shopping.

“I really can’t point at one thing,” Francine recalls. “We just didn’t realize we were spending $400 a month on groceries. If we wanted something, we just bought it. If it cost $200, we didn’t think about whether it should cost $50.”

So the Bosticks went boringly broke. With none of the typical warning signs – a mansion, Porsche or exotic vacations – their debt grew steadily and quietly. It was so unnoticeable to family, friends, and even themselves (at first) that Francine describes it now as “easy.”

(iStock)

More from Money Talks News:
Ask Stacy: Where Can I Go for Help with Debt?
Dealing with Debt: Credit Counseling
Will Credit Counseling Hurt My Credit Score?



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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