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We are acquaintances of some people who have made some VERY bad economic choices over the last several years. To the tune of upgrading flights to 1st class on a whim for several thousand dollars a pop, buying into sketchy business ventures that didn't pan out, and doing 2 additional home loans (that I know of) to buy brand new vehicles and finance a child's acting lessons (the "big break" was just around the corner...) .

Now that time has passed and consequences of these and other decisions have finally caught up top them, they have fled their home and migrated to another state to rent a house from a friend...creditors holding the bag and a house in foreclosure.

A situation like this, which has been years in the making, now looks like a statistic of the "Bush economy"...even though very few want to address the fact that individual choices; not some bureaucrat in DC, is to blame.

finance a child's acting lessons (the "big break" was just around the corner...)

I learned the hard way years ago: DON'T COUNT YOUR CHICKENS BEFORE THEY'RE HATCHED.

The biggest mistake I made was spending money while unemployed but assuming a job was just around the corner. Or that I was going to get a large payback from somebody. Or that some paintings I inherited were going to bring me $$$$ in the art market.

I was young & simple then. Oh boy, at least I'm not so young now.

Though unfortunately emergencies or accidents do arise, & debt can't always be avoided, it's best not to stumble there blindly. If anything, debt is a crash course in reality.