Originally Posted by kane

I read the other day that the average American family owes 55K on their house, 28K on their cars and has 8K in credit card debt and an average of 8-10k in other debt.

That means the average American family is around 105K in debt. That is pretty scary. I have a friend that is 300K in debt on a house. He owns two cars and is around 50K in debt on them both. He has 20K in credit card debt and around 25K in loans and other debt. He has a nice house, two nice cars, some nice furniture and a sweet TV and surround sound, but he is now spending almost every cent he brings in to pay it back. If something happened and he missed a few weeks of work without pay he would be in deep trouble.