[quote=flyer]I agree that debt can kill dreams. Had we not been in a financial position to afford our dreams, we would not have pursued them. Managed debt can bring great rewards (within one’s individual realm of reality) but unmanaged debt can destroy a person and/or a family.
It seems that many live in denial about what they can actually AFFORD for whatever reasons, and, as CAR mentioned, they are way over their heads (living beyond their means) in debt with housing, cars, education, etc., etc. and have few, if any, backup resources. IMO, that’s a real recipe for disaster, if something unexpected should happen.
It’s no wonder the stats reveal that most people in this country–in all age groups–will never be able to afford to retire–even if their health or other issues force them to.[/quote]
In a way it’s denial, but I also think that this is the message that’s intentionally being shoved in our faces from all angles, every single day. The government/corporate message is that people can’t make it because they “don’t have enough education” (which I think is complete BS), so they are told to get student loans to pursue ever-higher degrees that will lead them nowhere. I also don’t think it’s all about majors or “useful degrees,” either; some of the hard science majors won’t lead to decent jobs, even with a PhD.
And then there is the housing market which is termed “broken” when prices normalize to affordable, pre-bubble levels. God forbid anyone should ever actually *own* a house debt-free; no, we should remain in perpetual debt so that housing prices can remain elevated forever.
The whole thought process behind the Federal Reserve’s actions is based on keeping everyone in debt, perpetually. They just keep making borrowing cheaper so that people can borrow more — and pay more — forever and ever.
Needless to say, it’s difficult to remain debt-free when people have to pay prices that are based on the greatest idiots with access to the greatest amounts of credit/debt paying the highest possible prices. But that’s how our system works.
