[DIRTYSECRET]

Is there any reason to be in debt outside of a mortgage?

If a 50 year old cannot write out a check for $5,000 RIGHT NOW is there something wrong?

[Retain Mike]

So true. The article identifies a severe contagion of moronic behavior.

[ChronicMA]

If a 50 year old cannot write out a check for $5,000 RIGHT NOW is there something wrong?

>>>>>>>>>>>>

what’s a check?

[algore]

there could be reason for debt when a new F150 costs 70k

could I write a check for $5000 right now? yes but it would be cutting it close cause I just wrote one for $6k to buy kid a car. He will have to get a loan to pay me back cause he does not want to sell of his any palladium or silver.

probably I should go take some, and then give it back when he pays me

[Resolute Conservative]

My ex wrote lot of them... :/

[Retain Mike]

"A New York Fed survey released earlier this week showed that households reported their financial situations had worsened from a year ago and were likely to be weaker in the year ahead."

With this roaring economy, reasonably normal people would be extinguishing debt.

[Antoninus]

If a 50 year old cannot write out a check for $5,000 RIGHT NOW is there something wrong?

My 20-something kids can do that. If a 50-something can't, it points to a long sequence of very bad life decisions.

[eyeamok]

I was debt free with 2 paid for houses at 50, then paid cash for another one...

DON’T BORROW MONEY and NEVER finance TOYS!!!

[airplaneguy]

you know that’s not happening. Almost half of people couldn’t cover an immediate $1000 emergency. Obviously almost everyone has significantly more assets than that but $1000 in immediate liquidity? only a little more than half.

[TokarevM57]

...there are quite a few reasons why we as “seniors” just can’t sit down an write out a $5-grand check...paying for an unexpected upcoming $3,000 wisdom teeth removal surgery, not a penny covered by health insurance....paying for an unexpected $14-grand virtual total 11-year old HVAC system replacement....$3-grand in unexpected auto repair expenses..and we are on fixed incomes, as well...

[dware]

Mortgage ain’t good either, since you don’t actually own anything.

[Zathras]

Try running a small business.
The ones who didn’t collapse during Covid are still digging themselves out of a hole.

[oldtech]

Well, there is credit card debt which could be for many things, & the fact that a 50 yr. old could be out of debt (barely) but would be back in debt if he was to write a $5000 check.

[mewzilla]

Is there any reason to be in debt outside of a mortgage?

Ask Disney adults.