In haste to simplify complex situations by trying to pigeonhole everybody into two categories, there will be some situations that fall out of categorization. A disastrous medical bill can be something that neither better decision making nor increased financial knowledge will always prevent, and it’s probably more common than you think.

I agree that one or both of your two categories are often the root cause of a financial mess, but it’s not universal.

Mary: your example about paying $40,000 for a heart transplant for your child is NOT a major reason why people go into debt that they cannot bear. I agree with you that unforeseen medical bills are a reason that people get into a bind with their money, but if you had grown up being taught to save for a large emergency fund to help with big emergencies such as medical expenses, you would be in a much better situation, correct? Again, that goes back to my lack of financial education point. I don’t mean to sound insensitive, but your example is the problem for a far minority of people that are in financial distress.

Minimum Wage, there are always exceptions to the rule, but from what I gather about you, you really aren’t in a financial mess. You just need to boost your income. I am sure that $10,000 more a year would help your world greatly. This is the land of opportunity, and there are plenty of ways to make extra money without relying on the salary from your day job.

we need to stop blaming the government and other people for our financial problems and start taking responsibility for them.

You cannot make a good decision unless you have good information about the subject. If your making financial decisions without good financial knowledge, you risk making a big mistake.

Also, my financial knowledge is well above average, so I don’t think lack of financial knowledge has anything to do with the financial mess I’m in.

If anyone thinks I’m wrong here, I’d love to hear it.