This is by no means a new topic, but here's an interesting article on the "debt bubble" in the US.http://money.cnn.com/2003/10/02/markets/consumerbubble/index.htmNEW YORK (CNN/Money) - The American consumer has become deeply addicted to spending, running up ever higher levels of debt in order to live in a fashion that is beyond his means. And the world has become equally addicted to the consumer continuing to burn through cash...
This is by no means a new topic, but here's an interesting article on the "debt bubble" in the US.Can you imagine a news story about people who lived below their means, saved for retirement and college ? I was interviewed twice by national magazines and it was determined not to be interesting enough for a story.Even a recent story in Good Housekeeping about living below your means started with people who did it to straighten things out.Look at this board - confessions of high debt get loads of recs. There's drama. Hopefully, there's action. Sometimes there's relapse & more drama.Doing the right stuff in the first place - boring and definitely not noteworthy in the media.rad
How about School Loans. Now it is accepted to graduate college with Debt. I will graduate with $20,000 in debt in may after 6 years of school (3 which were partime so i coudl pay for it instead of taking loans)Jab
Reminds me of all the Y2K hubbub. Everybody poured all this money and effort into preventing disaster and then -- guess what! No disaster! Everyone felt a bit let down.I heard an interesting analysis of this by a HEALTH reporter, a few weeks later, saying "this is a story about prevention. And it isn't as glamorous or exciting as stories about disasters. That's why there are hit television shows named 'ER' but none named 'Public Health.' But prevention is where the most important work is often done."KrissyLou
Eye opening. But it makes sense. People are constantly bombarded by messages to buy, buy, buy. New homes. New cars. New clothes. Got to keep up with the Jones...and the Smiths...and Bill Gates. Pretty sickening when I stop to really think about it. Actually, I count my lucky stars when I read this type of thing. Just knowing the wife and I are moving against this trend is a big relief. RyChilSo, do you think the debt bubble will burst? Can a revived economy repair the problem? Or is there a collapse coming?
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