Oh, yes, that is consumption. I some friends that spent years buying fancy cars, flat screen TVs, remodeling, all the latest and greatest items, and then re-financing a house they bought in 2000 several times to pay off the CC. Eventually, even the last re-fi they could not pay off the CC’s. They always called me “ghetto girl” as I live in Northpark. But, who did they come to when they wanted to borrow money for the re-fi’s? Ghetto girl!
So, the one guy got laid off 18 months ago, decided he still needed top of the line stuff, and circumnavigated the globe for months. Fancy hotels, only the best for him–all beds must be triple sheeted! Did it all on the CC. Interest rates skyrocketed, and he kept on spending. Now, he has 4 weeks left of unemployment, and has filed bankruptcy. Oh, and he has no regrets. Said it was worth every penny. Fortunately, his partner has a job, but his debt is high too, so it will be interesting to see what happens next.
And, “my” bank is closed…they are a poor credit risk. I wish them nothing bad, they are good people, but have bought into what looks good rather than savings in the bank.
My father always said….”the guy with dribble down his chin may be a millionnaire.” Looks are deceiving.
