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Originally Posted by Hippikos
Everybody still believes in the fairy story of the paperpboy becoming a millionaire. In reality winning the lotterie has more chances.
Since the 1970s, wages, after adjusting for inflation, have been in decline for 80 percent of U.S. men on the lower end of the income scale. For 60% of the families its been a losing battle, the average household is in deeper debt then ever before.
Still the American Dream lives on, but for many it becomes a nightmare...
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Basically, I agree with your post. But keep in mind some of the reasons the average household is deeper in debt.
Housing costs have soared, so people have larger mortgages. That doesn't mean most won't make the payments, just that their debt load is higher. Of course people like Lookout recommend not paying off the mortgage but put the money in investments instead.
Another reason can be education loans that don't get paid off until 15 or 20 years after graduation....just in time for their kids to go to school.
A big one is irresponsible use of credit cards. Not caring what the balance or interest is....just the minimum payment. The credit industry has sold these people on easy credit and they bought it, hook, line, and sinker. Don't deny yourself that trinket, just put it on the card.
A guy I work with has a 24 year old daughter living at home. During a recent clothing drive, she threw out a whole trash bag full of clothing and several pairs of shoes that still had price tags on them. Put it on the card.
Most people wouldn't believe what they could do without... wouldn't even consider doing without.
Yes, there are a lot of people going down the tubes because of the "restructuring" of the economy, but the numbers don't tell the whole story.
