True, and that mindset seems to extend to other purchases as well. Growing up, I never remember things being advertised on a monthly payment plan the way they are now-- houses are advertised as "live here for $1238 per month," and cars are "own it for $320 per month." When you read the fine print in those ads, it is downright chilling. For so many people today, it seems that their lifestyle is determined not by what they earn, but by how much credit they can get. The other day, I passed one of those rent-to-own places, and saw a big banner that they now rent "wheels and tires." Just when I thought I'd seen everything.
The guy in this article, however, gets little sympathy from me. Nor do I feel sorry for these buyers who are living in near-million dollar homes for $1300 per month or whatever, and then say they had no idea the payments would accrue....
Then you cant be that old, cause I remember my parents buying stuff on Lay-Away at KMart. The difference being, is that people back then had to save up because there was no credit. I am purchaseing an apartment right now and taking out a 30year fixed loan for 40% of the purchase price.
However, 2 of my parents neighbors had to sell to avoid foreclosure. They were able to afford big screen TVs and chain-smoking and game controllers.
It is a question of vision, do you want to live moment by moment or for the long-term? The fool in the article deserves no sympathy.
They probably dont teach the "Ant and the Grasshopper" in elementary school any more.