I’m not saying that the “intention” is to necessarily max out the cc and walk. But that is what’s happening. They have a lifestyle they are trying to maintain and whether out of desire or necessity, they will use the cc until it’s maxed.
Walking away from their upside-down houses makes financial sense, somewhat damaging their credit whether it’s 2 yrs or 7, hopefully a lesson learned. The next financial sense is unloading a big car payment for their truck or SUV that’s going to cost upwards of 500 a month in gas to operate. They won’t be able to sell it. Their credit will be shot already. At that point, take the car.
After that, what’s next? They have used their cc to live.
I agree, it is lifestyle and their sense of entitlement. I for the most part live w/in my means, but I see many just slightly younger than me who don’t. Maybe b/c my dad drilled it in my head and we were frugal. We worked hard and my dad but hardly ever used credit. I can’t say that, but try to limit it.
I don’t know where the excessive consumerism comes from, but the tide will/is changing. It will be a shocker for many.
