Maybe it's time that Americans cut the consuming, made better choices about what it is necessary to "have." Keeping up with the Joneses gets pretty expensive. The more "things" we have, the more time we need to spend taking care of them. I've noticed another shift in how we think of money. It seems as if now, your standard of living is based upon how much credit you can get, rather than the salary you earn. I am struck now by how cars and houses are advertised with prices of x dollars per month. I don't recall seeing that when I was growing up. People get roped into monthly payments and then they are trapped financially, with real danger if someone ends up out of work involuntarily. No one seems to think about total cost, it's always "how much can I finance?" They end up upside down on expensive cars that are financed over 84 months and carrying huge mortgages at artificially low introductory rates or interest only payments...
"I've noticed another shift in how we think of money. It seems as if now, your standard of living is based upon how much credit you can get, rather than the salary you earn. I am struck now by how cars and houses are advertised with prices of x dollars per month. I don't recall seeing that when I was growing up. People get roped into monthly payments and then they are trapped financially, with real danger if someone ends up out of work involuntarily. No one seems to think about total cost, it's always "how much can I finance?" They end up upside down on expensive cars that are financed over 84 months and carrying huge mortgages at artificially low introductory rates or interest only payments..."
We now have two generations of children who have learned from society that they don't have to be accountable for much. This includes the things they buy on credit. It comes back to haunt them.