Greg D
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People are in debt because society has shifted from placing importance on who a person is (character) to what they own (wealth). People amass debt to be somebody when it used to be that who a person was a lot more important.
We live in a time of fast food, information at the speed of sound, and the measure of a person has been in their ability to keep up with changing technology, changing trends and amassing more and more things. Our grandparents and the older generations found that a persons value came more from their character. That is something that has slowly disappeared. |
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HH@20
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Your statement is not quite true. Your grandparents did buy on credit. They were called time payments. They bought thheir house that way. They bought their car that way. They possibly (even probably) bought the refrigerator that way. What they might not have done is to buy a suit or a dress unless they had the cash. So what? |
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moodyzbratt3
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People are in debt because that is the one subject in school they don't teach you. I believe that instead of having to take a statistics class as a senior, either replace the course with a "debt 101" course or at least spend 1/4 of the class to educate and make people aware before they are in debt. |
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LaurLaur
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because they cant handle their money |
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kurtis006
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People that are "in debt by choice" are in that state because they do not understand the concept of paying themselves first. How do you know if you are missing the concept. If you are buying items that quickly depreciate, classifying wants as needs, not taking advantage of freebies, and not negotiating or trying to negotiate without the required knowledge...you are on your way to being debt laden. All of these paths lead to sending the bankers children to Ivy league schools to make sure the cycle is repeated in the next generation. |
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kit
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People are in debt because probably they have parents who didn't give them any money to support themselves. I am one of those people in debt because I had parents who didn't teach me anything about saving money or about credit cards. Parents are suppose to be the child's teachers. Children doesn't learn at school, they learn at home too. I didn't learn anything about money when I was growing up. My father was a janitor and my mother was a homemaker. I worked my butt off at some minimum wage job, but that didn't help me save any money because that job was part time. I used my credit cards to pay off for school which my parents didn't support me in my decision. I knew I was going to be fired one day from that job which I couldn't afford to because that minimum wage job was dangerous for me. The neighborhood I worked at wasn't a safe neighborhood and I my former employer scheduled me for the night shift (which I don't think is a safe time for me to work) besides I am not a night person. So, to sum it all up, you might have parents who supported you and you might recieved the account that one of your parents was a guardian (shared account ) with you until you reached 18, but I didn't. Not everyone have nice parents who wants their child to succeed in their future. |
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stillhappy89
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Most people Want it all now
you can work an save then buy
saving the % for some thing importain
..............OR .......................
you can go to a quick fix credit store get it all
Baby then give your money ( % ) so some one can live off of you. |
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quizzical
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You are right; many people have serious debt...but I don't think all debt is wrong. A debt in the form of a mortgage; as long as it fits into ones budget is a debt that allows millions of people to experience the American Dream of owning their own home.
I think there is an enormous lack of education among young people regarding the danger of revolving credit lines (ie credit cards) and how poor credit behavior affects you tremendously in the long run. Many people are in the "right here, right now" mindset instead of the "work hard and save for it" mindset. There were more bankruptcies filed in 2005 than in any other year in American history. Consumer education of healthy debt is needed. |
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kma22263
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Because it's so easy to get a credit card these days. They weren't around in our grandparents's day. I'm amazed at the amount of "get out of debt" commercials I hear on the radio these days... then I have a good laugh.
People tend to live beyond their means. The secret is to live below your means. |
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Pancakes
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People have been trying to get rich quick since the beginning of time.
The last 100 years have seen a lack of education about money. Generations now believe that money exists solely to get you things. True understanding of money dictates that you collect it for security. |
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angelalovin2003
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because they don't have the $ to buy the things they need or want, so they go in debt to get those things. |
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Darby
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I think you've answered your own question. More money is being spent than taken in, living beyond our means, charging, overuse of debit card, whatever you want to call it. |
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mazzygirl83
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cuz we dont have enough money, and we use credit cards. we dont make enough money to let us get what we need, and our needs sometimes arent really wut we need, so we just splurge. |
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ratboy
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Part of the problem is that it's too easy to get credit. People who have no business owning credit cards are bombarded with preapproved applications. |
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Tif
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i'm in debt w/ 2 things only. i have a loan for a car that i bought. nothing extravagant a nissan sentra that i bought new so i wouldn't have to worry about the maintenance. and a student loan. no student loan no going to college for me. all debt is not bad. i have no credit cards, store cards, etc. |
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Ivy
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I think that it is because the cost of going to college and the cost living is too high in America. So, we are forced to use credit cards to survive at the moment which actually makes things worse later.
I am actually being charged $140.00 a month interest on my Target Visa.
Target Visa is a really bad credit card. |
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psoeffing
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I don't think that getting rid of credit cards is the answer. I have observed that being in debt is more a result of attitude. As a culture, we suffer from wanting to have everything NOW and have not learned how to save, |
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Maria M
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People spend more than they make. People have less and less self-control; they splurge. The cost of living exceeds salaries; so people don't hesitate to do a cash advance. |
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Miss Anne
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No concept of DELAYED GRATIFICATION....
If you only carried cash, you could only buy what you could afford. |
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