Well lets get back to it.
We have been spending a whole bunch in the past few decades, and maybe now it is catching up to us. Please read this, and comment on whether you find it accurate, considering not only your family's circurmstances, but your impressions of those who you know.
6 comments:
I know my parents are conscious with spending on there credit cards and rather use cash or checks instead. They always warn me that a credit card should only be used in emergencies. Although my family tries not to use credit cards as much I do believe many Americans are relying on them more and more and many are in great debt because of them. When someone has a credit card it's alot easier to spend more money on. People need to learn how to use their credit cards more wisely.
I think some people should be careful with their money. When it comes to credit card to be extra careful. My sibling who already went through the trouble with credit cards and debit. Told me not to get one until after college.
It is scary to see the tremendous effects the housing boom has had on our economy. For many generations, spending has consisted of the "buy now, pay later" concept. However now, because of people trying to buy more and more and save less and less, Americans are experiencing severe debts. Many Americans are now unable to buy unnecessarily expensive items, which nobody is happy about.
Considering we live in a bubble, i dont feel like this is effecting us as much. However i did have a talk with my uncle last weekend and he was telling how they rarely ever use their credit cards anymore because of this. They almost always use cash. So from what i see (outside EH) it seems pretty accurate.
the iphone illuminates this phenomenon perfectly. i assumed, like many others, that when it was released, it would be a novelty for wealthy teens. to my surprise, i met kids left-and-right who flashed the new $500 (more??) gadget and definitely were not in a financial position to acquire it comfortably. it's sad that even kids take advantage of their parents credit problems, and will perhaps imitate those habits when they grow older.
when it comes to credit cards people should be extra careful. that can be very tricky. people obtain large credit debt do to over spending. credit cards should be used in emergency situations only. otherwise cash and checks are deffitally safer to use. people need to become more aware of their money speniture.
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