DING DING DING!!! American's standard of living hasn't declined.. american's standard of spending has ballooned beyond their means... and while I am no fan of ever increasing tax rates.. they are the end of the day are not why most folks wind up owing everything to banks.
Every bigger homes, no one wanting to buy small starter homes..... need not only for 2 cars, but 2 brand new cars... having to have 6 TV's with at least one costing as much as a used car, $100+ a month digital cable, having to have the brand new camper/boat that sits in the driveway 51 weeks a year... etc etc .. buyign all this ON CREDIT and doing nothing to build wealth.
Financial immaturity had more to do with people getting in trouble than anything else! Credit is marketed harder than any other product in america today! 5 Billion offers for credit cards per year go out! We are a nation of only 300 Million people!.... That's nearly 17 offers per year for every man woman and child in the United States!!
Stop keeping up with the Jones'! The Jones' are BROKE! Live within your means today, and you will live a lifestyle like few others tommorrow!
Thank God for my wife, the tightwad. All Hell will break loose if I rack up a bill that can't be paid off immediately.
A funny thing, the more positive my cash flow has become, the more of those offers I've received. It's almost as if, the less I come to depend on the lenders, the harder they try to break me down. (Good luck boys! ....)