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The American middle class is falling deeper into debt to maintain a middle-class lifestyle
Cars, college, houses and medical care have become steadily more costly, but incomes have been largely stagnant for two decades, despite a recent uptick. Filling the gap between earning and spending is an explosion of finance into nearly every corner of the consumer economy.
Consumer debt, not counting mortgages, has climbed to $4 trillion—higher than it has ever been even after adjusting for inflation.
The American middle class is falling deeper into debt to maintain a middle-class lifestyle
Cars, college, houses and medical care have become steadily more costly, but incomes have been largely stagnant for two decades, despite a recent uptick. Filling the gap between earning and spending is an explosion of finance into nearly every corner of the consumer economy.
Consumer debt, not counting mortgages, has climbed to $4 trillion—higher than it has ever been even after adjusting for inflation.
There's a solution to this. Stop buying things you can't afford and start paying cash for things you can afford. You then, in turn, will be out of debt....
The American middle class is falling deeper into debt to maintain a middle-class lifestyle
Cars, college, houses and medical care have become steadily more costly, but incomes have been largely stagnant for two decades, despite a recent uptick. Filling the gap between earning and spending is an explosion of finance into nearly every corner of the consumer economy.
Consumer debt, not counting mortgages, has climbed to $4 trillion—higher than it has ever been even after adjusting for inflation.
Did you read, much less comprehend the link you posted? This goes back decades (by your own link).....not since trump became our president....
The debt crisis existed long before Trump. It seems to be the American way.
We sold our house in the Atlanta area in 2010 after two and half years on the market. We weren't asking too much so don't go there, the Atlanta housing market crashed hard. When we finally sold we sold to someone who only put 10 per cent down and struggled to get the financing for the other 90 percent. I couldn't imagine buying a house that you are struggling to get financing for....and with only 10 per cent down -- so soon after such a huge housing crash. The guy moved in and already was underwater -- who could not net what he owed if he had to sell. Didn't anybody learn anything?
(see Trump supporters I don't blame him for everything).
There's a solution to this. Stop buying things you can't afford and start paying cash for things you can afford. You then, in turn, will be out of debt....
As the article points out, income has stayed the same, but consumer prices are going up. The obvious end result is less purchasing power.
What effect does the current economic policy (trade wars) have on this? It forces consumer prices to increase. Hence the 'thanks Trump'.
There's a solution to this. Stop buying things you can't afford and start paying cash for things you can afford. You then, in turn, will be out of debt....
Exactly! My wife is a dental hygienist and all of her co workers tease her about the 2006 Scion that she drives. My wife asked the young lady who was teasing her, "oh how much do you guys pay for your car payments each month?" Response was "me and my husband both have new cars and we pay $1300 per month."
There are little financial tricks that smart people learn:
1. Max out your 401K
2. Buy the smallest house in a really nice neighborhood for your first home
3. Don't buy depreciating assets like new cars
4. Use credit cards for emergencies only.
These are just a few tricks that help folks get ahead....
Why are stupid people trying to 'keep up with the Joneses?'
Maybe they are just trying to maintain the same standard of living as before, but many won't have any other choice than to downgrade, and same goes for the Joneses.
Want to see a huge adjustment in the Stock Market, job market, and GDP?
Want to see American trigger their own mini recession? Just tell Americans to spend what they can afford, that's it.
Out Stock Market, Housing Market, consumer market, are all modeled around Americans going into debt and staying in debt. I guarantee that our own Government would BEG Americans to go back into debt to turn around the economy. I still remember George W. telling America that the best way to support the Troops is to shop. Not military signups or volunteering with families, no SHOP.
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