I am 25, married and middle class. My wife and I have always been really careful with our money.
We have no loans other than our house and one of our cars, and both of the loans will be paid off in 1 year.
I have no credit card debit and I don’t buy things (other than my house and car) unless I HAVE the money in the bank.
A friend of mine bought a huge house, has a house loan and two equity lines of credit, two car payments and tons of credit card debt.
He has about $600,000 in debt for everything with a middle class salary and a stay at home wife.
He told me he won’t be out of debt until he is at least 60 and lives pay check to pay check.
Everyone I know has SUVs, big houses, and vacations that they can’t afford and can’t pay off.
Why do Americans have so many high purchases when they can’t afford them?
What happened to buying what you could afford, or a smaller house or car?
Why is everyone in competition with having the most stuff?
2006-09-20
05:54:19
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10 answers
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asked by
Anonymous
in
Personal Finance