February 19, 2007
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NEWS: Debtors Blog Towards Good CreditThe explosive popularity of "blogs," or online web logs, is ubiquitous these days. Interested citizens of the world wide web can read and share blogs on just about any subject, from health concerns to Beanie Babies, and back again. One emerging trend in this self-publishing offshoot is the discussion of debt. Through blogs, many credit-challenged and debt-laden consumers are finding a non-judgmental community, in which they can share their worrisome financial straits with those who aren't likely to scold them for it, and swap tips on how to win the battle for better credit.
The New York Times recently profiled one such blog, bloggingawaydebt.com, which was started and is maintained by "Tricia," a 29 year old who calls herself "The Queen of Debt". Tricia has beat down almost $15,000 in bad debt through good sense and perseverance since starting her blog last year, and uses her little corner of the web as not only an outlet for her own stresses (she remains almost $35,000 in the red, of which over $22,000 is on outstanding credit card bills), but an inspiration for those who may feel that the battle is too large to even start fighting.
Experts cite the stigma and embarrassment of debt as one of the biggest reasons why the credit-challenged everywhere flock to the ‘net to share their stories. There is a tremendous lack of sympathy and active scorn towards those who, through whatever means, have managed to fall into debt. The popular image of the debtor is of the spendthrift who bought way too many shoes, and now wants a shoulder to cry on. In fact, many consumers fall into debt thanks to astronomical medical bills (especially those without health insurance) and unpaid student loans. The biggest advantage of the blogs, then, is the motivation and encouragement that always comes from finding others in the same boat as oneself.