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Card Debt a $915 Billion Disaster-in-Waiting :

Think the estimated subprime debt load carried by the big international banks is big, at $1 trillion? How about this: Americans now owe nearly as much - a record $915 billion - on their credit cards alone.
http://moneynews.com/money/archives/st/2007/11/6/155431.cfm?s=st

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The Economic Consequences of Mr. Bush:

The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup.
http://www.vanityfair.com/politics/features/2007/12/bush200712
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quote:
Originally posted by T S C:
...bundle this info with record foreclosures, record low (negative!) savings rates, and you know what I think? Americans need to wake up and smell the coffee. We live in a society of buy now / pay later / blame someone else when we can't afford the toys we want. Sick.



You are so very right. I learned (THE HARD WAY) about 30 years ago that the CREDIT path hurts way more than helps. Vehicle and Home are the only 2 things that I think people should go in debt for. Otherwise SAVE up for it is MY motto, lol.

That is why I don't have a great lot of stuff, hehe.
quote:
Vehicle and Home are the only 2 things that I think people should go in debt for.


Homes, yes when starting out. Vehicles, maybe once then never, ever again.

Most homes go up in value. The majority of people sell their home for more than what they borrowed to buy it.

Cars go down in value. It's extremely rare to get more than what you paid for with a car. Almost always you take a loss.

Car payments are a huge income reducer. It's easier just to save up and buy a used car in cash. Use those car payments for wiser investments.

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