2007-11-18 02:40:38 · 22 answers · asked by Anonymous in Politics & Government ➔ Government
People feel the need to live beyond their means in the US. It is part of the old keeping up with the Jones/ I want that Plasma TV. We are a society of immediate gratification,and the credit card companies are more than happy to help us achieve our needs. Er, I mean our wants, not our needs.
2007-11-18 02:46:02 · answer #1 · answered by booman17 7 · 4⤊ 0⤋
You can thank the advertising/marketing industry for that. Half the debt excluding mortgage debt could be eliminated by realizing that there is no reason for purchasing over $100 billion dollars worth of gifts for Christmas. Christmas should be a religious holiday for your family celebrated with home made gifts, baked goods, and a nice Christmas dinner. Those who spend because we are supposed to are suffering from chronic affluenza.
2007-11-18 11:23:49 · answer #2 · answered by spirit dummy 5 · 0⤊ 0⤋
I would guess more than 60% of all Americans are deeply in debt. It's a time bomb waiting to explode. By mid-2009, shortly after Bush leaves office, this country will see the worst economic depression in its history [making 1929 look like a church social]. -RKO- 11/18/07
2007-11-18 10:56:30 · answer #3 · answered by -RKO- 7 · 1⤊ 0⤋
What type of debt?
Good debt or bad debt?
No shock, in September our revolving credit (unsecured loans, like credit cards & personal loans, not cars & houses) was $920.1 BILLION. That is over $3000 for EVERY man, woman & child in the country.
Now figure the federal government has run up their debt to the tune of over $15,000 for every man, woman and child.
As to the 60% that makes sense. The rich, aren't "in debt" as they have the assets to pay off any debt that have whenever they want. The poorest of the poor, don't carry debt because they can't get financed and have no income to pay it back.
So, once again, just like with taxes, that leaves the middle class struggling to pay for everything.
Welcome to the new world.
2007-11-18 10:49:27 · answer #4 · answered by Gem 7 · 1⤊ 1⤋
Roosevelt, I think, was the guy, who signed Thanksgiving into a holiday, to get Christ mass shopping jump started.
The Government is promoting personal debt (they get the taxes on the goods bought) and the banks and business fall happily in line.
It's all about milking the poor schmucks, Joe Blowes of their hard earned money and redistribute them to the elite.
2007-11-18 10:54:15 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Im one of those 60%...... and since your asking my thoughts on the situation.... my thought is that it sucks, but at the same time, being in debt teaches you alot of things you didnt know before you got yourself into it.
2007-11-18 18:02:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you want to own a house then odds are you will be taking out a loan to purchase said house. That means you are in debt. You want to be a homeowner then you pretty much have to go into debt.
2007-11-18 10:48:52 · answer #7 · answered by Okino 3 · 2⤊ 0⤋
A mortgage qualifies as debt so no, it doesn't surprise me. The two most expensive item most people buy is a house and a car and hardly anyone pays cash for those items.
2007-11-18 10:53:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
My thoguhts are that alot of us are stupid for getting ourselves into debt, its not the government's fault that we choose to get credsit cards and spend "like John Edwards in a hair salon"
2007-11-18 10:47:26 · answer #9 · answered by Anonymous · 2⤊ 0⤋
They've been partying above their means! That's what happens when the general population watches pop tarts - Britney, Paris and their ilk on TV all day - they too think they have millions/billions in the bank.
2007-11-18 10:43:47 · answer #10 · answered by Constitutional Watchdog 7 · 1⤊ 0⤋