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Old 06-27-2019, 05:59 AM
 
13,219 posts, read 17,758,482 times
Reputation: 19874

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Quote:
Originally Posted by 1insider View Post
The average debt in the US in 2018 was;

mortgage: $176,222
student loan: $49,905
auto loan: $28,948
credit card: $16,748

The average new car buyer in early 2018 borrowed more than the average per capita income.
Americans were twice as likely to owe between $5,000 and $25,000 than they were to have that much in savings.
13% reported they'll likely owe money for the rest of their lives.
Just 23% of Americans carried no debt in 2018.


Source: study by Northwestern Mutual. If you don't agree with the numbers argue with them.
I love statistics According to US Dept of Statistics I have not contributed to the household for the last 15 years. My question - why does IRS disagree?
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Old 06-27-2019, 06:00 AM
 
2,729 posts, read 1,747,774 times
Reputation: 5962
Quote:
Originally Posted by Wartrace View Post
Yes but the statement made was this.... "Originally Posted by Thatsright19
Was there ever a time or place in human history where citizens could not work for a year? Or 3 months?"


This is so clearly FALSE and so recent that I wonder where "Thatsright19" was during this time. I am also wondering if the poster has any grasp of history to make such a false statement.

In answering your post; is it not reasonable to expect a recession soon? Are we not near the peak of the credit cycle? Debt levels are at an all time high; who is going to borrow MORE at this point to keep the ball rolling? At some point people will need to cease forward spending (borrowing) and pay back what they owe.

You don’t understand what I said. I’m not saying people who would have been laid off for enormous stretches or had medical issues would be fine. Of course they’re devastated. That was my point. At no point in human history in any time or place could the average person thrust out of work and been fine. Humans have always needed to work. Outside of the few who have financial independence. What I’m saying is this isn’t some “new crisis” or news worthy event. Yeah, we’re all (mostly) on the edge....but when haven’t we been?



Where was I in 2009? In a dying (dead) rust belt town that once relied on the auto industry. Yes, 2009 was good times.
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Old 06-27-2019, 06:04 AM
 
Location: Massachusetts
9,550 posts, read 10,296,142 times
Reputation: 13345
No. I am not on the financial edge, at least not in the terms of not being able to handle a large, unexpected expense.
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Old 06-27-2019, 06:05 AM
 
2,729 posts, read 1,747,774 times
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Quote:
Originally Posted by kevxu View Post
Your remark sounds to me as if you are suggesting that there is really nothing new or unusual in the purported present precarious financial situation of Americans. Is that correct?
Yes, that’s correct. If a man lost his manufacturing job in 1960, it probably wasn’t sunshine and rainbows for his family of 5 and single income household. If the old bread cart closed down for a year in 1880s London, I’m sure they needed to find work fast. If ole farmer joe had his crop ruined, I bet he was feeling the pinch within 90 days on his or her finances.

I’m not sure where this time of bountiful reserves existed where people could be out of work for long stretches and have a year or what ever of living expenses.

Am I on the edge if my wife and I lost our jobs for a year stretch? Sure.
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Old 06-27-2019, 06:35 AM
 
Location: South Africa
42 posts, read 9,856 times
Reputation: 80
I haven't read any of the reply's here

But I know I for sure am living on the financial edge... I've lived in 2 different countries (first and third world) in the past year alone and this seems to be the case with most people.... thankfully I have zero debt or kids and that's the only 2 things saving my *ss right now!

Not to say I'm doing great but I can imagine things would be waaaaay worse if I was in debt!
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Old 06-27-2019, 06:41 AM
 
Location: Wartrace,TN
5,546 posts, read 8,882,501 times
Reputation: 11053
Quote:
Originally Posted by Thatsright19 View Post
You donít understand what I said. Iím not saying people who would have been laid off for enormous stretches or had medical issues would be fine. Of course theyíre devastated. That was my point. At no point in human history in any time or place could the average person thrust out of work and been fine. Humans have always needed to work. Outside of the few who have financial independence. What Iím saying is this isnít some ďnew crisisĒ or news worthy event. Yeah, weíre all (mostly) on the edge....but when havenít we been?



Where was I in 2009? In a dying (dead) rust belt town that once relied on the auto industry. Yes, 2009 was good times.
Sorry for the misunderstanding. I could only evaluate the post by what was written.
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Old 06-27-2019, 06:56 AM
 
5,098 posts, read 2,743,062 times
Reputation: 9351
Not even close to the edge and we are debt free with the exception of mortgage. I will say that we bought our first home last May and had to spend $100K+ more than I felt comfortable with. But that was just reality so we continue to rent for another decade or bit the bullets and buy. We bought with the understanding that the value will likely dip so our plan is to be here for 10-15 years for which things should normalize by then.
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Old 06-27-2019, 07:00 AM
 
2,729 posts, read 1,747,774 times
Reputation: 5962
Quote:
Originally Posted by Wartrace View Post
Sorry for the misunderstanding. I could only evaluate the post by what was written.
I mean maybe Iím wrong but I donít think what I wrote comes across as what you were thinking but itís all a matter of perspective I suppose. Maybe my writing wasnít clear enough.
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Old 06-27-2019, 08:10 AM
 
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,237 posts, read 982,939 times
Reputation: 3105
Quote:
Originally Posted by Thatsright19 View Post
Was there ever a time or place in human history where citizens could not work for a year? Or 3 months?
Yes. The last recession. If they can't go 3 months without a salary, how are they ever going to retire?
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Old 06-27-2019, 08:15 AM
 
71,459 posts, read 71,629,249 times
Reputation: 49021
Quote:
Originally Posted by Stonepa View Post
Yes. The last recession. If they can't go 3 months without a salary, how are they ever going to retire?
social security provides the bulk of support for many even though it was designed to only provide 30-40%
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