My wife’s best friend is a consumer loan officer for one of the region’s biggest credit unions. She tells stories of indebtedness among her borrowers you wouldn’t believe. I’ve heard similar comments from several of my clients who are commercial lending officers at some of the community banks in town.
You know the commercial where the guys gives you a tour of his great home, his cars, his new pool and delivers that “and I’m in debt up the my eyeballs” line? Apparently there are a LOT of people like that running around town living paycheck to paycheck.
Even some of the “Greatest Generation” who are now retired are treading on thin ice, maxing out multiple credit cards and buying new cars every couple years. The SoCal lifestyle costs a lot of money to maintain.
