From what I hear, the middle class is declining so fast that we don't even know what it is anymore. But what exactly defines middle class?
Here's two easy comparisons. One person lives in a semi-wealthy neighborhood. They obviously make a decent living. One would automatically consider them middle class. But they have a lot of credit card debt. They literally don't own the clothes they are wearing. They pretty much live paycheck to paycheck, but everything goes on credit, so they have that to fall back on in emergencies.
Then you have a family living in a neighborhood a step below semi-wealthy. Not a poor neighborhood, but definitely not a wealthy area. They do not have credit card debt, but they live paycheck to paycheck. But they own everything they have, except maybe the house and cars. They literally live on their means.
How can you say that one family is really wealthier than the other? Is it better to have everything on credit, or own everything you have?
2007-04-28
15:34:34
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8 answers
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asked by
pinkluxe
3