2007-07-16 09:11:19 · 8 answers · asked by Jared E 1 in Business & Finance ➔ Personal Finance
What's the basis for your question?
Incurring debt is a voluntary obligation, just like credit cards. What debt? The biggest debt to most Americans is the amount of Federal, State, FICA, and hidden taxes that we pay!
Statistics for assumption?
2007-07-16 09:15:25 · answer #1 · answered by jack w 6 · 0⤊ 0⤋
In one sense debt is voluntary and you can get out of it just by exercising some discipline. And many middle and lower class people are out of debt in that sense, even though all types of personal and commercial debt is at higher levels today than ever before.
In another sense, no. President Bush has put every man, woman and child in the US further into debt by several thousand dollars. Your personal share of the national debt is high and growing, and for a family of four it's downright alarming!
2007-07-16 16:21:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think it's more a matter of people's mind frames. People so often think debt and not abundance, so they attract more debt because that is what they spend their time thinking about... If people changed their mind frame I think that it would have a drastic effect on the middle and lower class debt.
2007-07-16 16:17:55 · answer #3 · answered by u-wish 2 · 0⤊ 0⤋
Yes!!! When they learn to tell themselves the word "NO!" and stop feeling like they must have the latest and greatest of everything.
I know many so-called middle/lower class folks that are actually doing quite well financially because they have avoided the debt trap.
2007-07-16 19:01:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes. I am lower class. I am completely out of debt. I have family members who are debt free. Quit spending more than you take in and you will not be in debt.
2007-07-16 16:17:20 · answer #5 · answered by regerugged 7 · 0⤊ 0⤋
You mean as a group right? I don't see it happening in my lifetime. The rich are going to continue making money while the rest of us just try to keep above water becuase companies really aren't increasing pay as quickly as the cost of living is going up. Some will do fine, but most are always just going to be trying to make ends meet.
2007-07-16 16:15:49 · answer #6 · answered by Paul 3 · 0⤊ 0⤋
If they wanted to be out of dept then they would be out of dept. It is not that hard, people just don't think they can do it. America having easy access to credit gives people a temptation to spend what they don't have.
I hope they will never get out of dept because what people don't know is that wealthy people get richer because they are the ones loaning out the money. In my case I hope people remain stupid so I can make more money :)
2007-07-16 16:21:35 · answer #7 · answered by cuvelx 3 · 0⤊ 0⤋
some of us are, we have a plan. it's not easy, it takes time, but it works.
2007-07-16 16:15:54 · answer #8 · answered by Anonymous · 0⤊ 0⤋