Perhaps for some for whom medical expenses caused their debt, or unexpectedly caring for an elderl parent. But most families are trying to live a lifestyle they cannot afford.
I agree. I see far too many flashy new cars around, and I live in Mira Mesa…
I moved to here from England, another wealthy western country, and the rate of consumption in this country (even before the housing boom) was huge. I never saw so many people in restaurants during the week, I never saw so many TVs in people’s houses, and I never saw so many new cars. I mean, it’s not like I’m from Russia or anything, marvelling at these western people with their supermarkets. I’m from a country and an upbringing where we had money and were comfortable. However, they just don’t spend like they do in the states. Why? Not because they’re fabulous, intelligent people. It’s because of the restricted access to credit that we had – you just couldn’t borrow as much.