- Feb 12, 2000
- 10,652
- 39
- 48
- 50
American Consumer Debt
Most of these figures do not include mortgages!
To me, no amount of tax credits or rebates will help this problem. People are simply uneducated as to how finances work. Do not spend more than you bring in. It's very simple, people. I consistantly see people driving brand new to 3 year old cars that are worth (at the time of purchase) more than a third of their home or more -- if they own a home at all. These are the items that make me upset when I see people screaming that the middle class is getting the shaft. You have to learn to live within your means, and you would see how much easier it is to advance financially without the burden of revolving credit debt and depreciating assets (vehicles). I'm a young pup, so I don't claim to know it all. My parents (middle middle class) taught me good lessons about finances, and I still came out of college with hefty credit card bills. I know it's easy to bury yourself, but it's up to every individual to set a plan and strictly follow it to work your way out of it. We can not depend on someone else to give us money.
I hear a lot about tax credits to the middle and lower class would be put directly back into the economy. In my opinion, it would be better served to go directly to their personal debt.
Just an opinion.
Most of these figures do not include mortgages!
To me, no amount of tax credits or rebates will help this problem. People are simply uneducated as to how finances work. Do not spend more than you bring in. It's very simple, people. I consistantly see people driving brand new to 3 year old cars that are worth (at the time of purchase) more than a third of their home or more -- if they own a home at all. These are the items that make me upset when I see people screaming that the middle class is getting the shaft. You have to learn to live within your means, and you would see how much easier it is to advance financially without the burden of revolving credit debt and depreciating assets (vehicles). I'm a young pup, so I don't claim to know it all. My parents (middle middle class) taught me good lessons about finances, and I still came out of college with hefty credit card bills. I know it's easy to bury yourself, but it's up to every individual to set a plan and strictly follow it to work your way out of it. We can not depend on someone else to give us money.
I hear a lot about tax credits to the middle and lower class would be put directly back into the economy. In my opinion, it would be better served to go directly to their personal debt.
Just an opinion.
)
