Yes it would be nice to have a £35 grand bmw stood on my drive. But I cant afford one so I do without. Why does everyone seem to live beyond there means these days?
2007-02-01 12:16:50 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
FINALY SOMEONE ON HERE WITH A BRAIN..SEE APPOLLYONS ANSWER (9th Answer down)...
2007-02-01 12:33:59 · update #1
The answer: Because the majority of our current work force grew up as the "immediate gratification generation." As the song says, "I want it all and I want it now."
Before "easy credit terms" you worked 'til you could buy it with cash...now you can have it immediately and pay for it for as long as you like (in many cases, several times over.)
At some point you will start trying to pay out more than you're taking in ... and that's when the trouble starts.
2007-02-01 12:30:07 · answer #1 · answered by Appollyon 3 · 1⤊ 0⤋
Brian, 95% of the cars that you see on the road are actually being paid for with borrowed money in one way or another.
If we all had to save up for everything before we could buy it, we'd never buy anything and the economy would collapse.
It's just how capitalism WORKS, I'm afraid. Besides, it's not REAL money.
2007-02-01 12:30:05 · answer #2 · answered by Not Ecky Boy 6 · 0⤊ 1⤋
Because we live in a 'want' society and money is so freely available to borrow. Lending is big business and if 20% of borrowers fall by the wayside, the banks may write it off ( eventually .... ) but make up for the loss in so many other ways .....
2007-02-01 12:22:39 · answer #3 · answered by Anonymous · 2⤊ 0⤋
personally i think it's because wages are stagnant, the COL is ridicolous, and our goverment spends money on stupid crap like there's no tommorrow. that combined with a consumeristic, materialistic culture that likes to prey on the average citizen.
it's very hard to get an education these days without debt.
2007-02-01 14:48:46 · answer #4 · answered by anti l 1 · 0⤊ 0⤋
Because they are immature and materialistic. Their arithmetic is poor too. If you save and pay cash (not always possible for essentials) you almost halve the cost of your purchases....or can buy nearly twice as much.
2007-02-02 20:53:06 · answer #5 · answered by fred35 6 · 1⤊ 0⤋
Alot of young working couples are making some good dough together, and its easy not to budget and spend.
2007-02-01 12:20:58 · answer #6 · answered by n2tapas 3 · 1⤊ 0⤋
WOW!!! I wish I had known how easy life was...I would never have got into all these debts!
I guess that's the difference between losers like me and geniuses like this!
I'm sending my BMW straight back...along with my stenna stair lift and pointlessly expensive medication. What a fool I've been!!!!
Whatever you find on your drive in future sir...I hope it is as warm and succulent as you deserve! Gord bless you sah!
2007-02-01 12:23:55 · answer #7 · answered by Anonymous · 0⤊ 4⤋
Because people are cocky and they like to showoff and make people think they are rich.The truth is most of them are broke.
2007-02-01 13:35:14 · answer #8 · answered by Anonymous · 1⤊ 0⤋
as long as wants exceed haves, there will always be debt
2007-02-01 12:22:06 · answer #9 · answered by Brandon 4 · 2⤊ 0⤋
if people lived within their means we would all be living in cardboard boxes.
2007-02-01 12:19:22 · answer #10 · answered by Senior Fucktard 2 · 0⤊ 2⤋