Quote:
Originally Posted by Sly
Good lord Tony... there is over $2 trillion in American consumer debt. You are trying to say that consumers bare absolutely no responsibility of that? Seriously?
I have zero consumer debt. That is quite different from what I had a year ago. I made the choice to stop being irresponsible and spending more money than I had, I busted my ass and I paid it all off. Now I have made a pact with myself to not repeat the same mistakes.
Why am I able to make that choice yet millions of others somehow miraculously cannot take the same steps and are forced by evil corporations to spend more money than they make?
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About ready to type nearly same thing. Consumers are just as much to blame. Nobody but them created a 0 to negative average savings. They also ran up their own debt. Lived lives they could not afford and upgraded just because they could. Nobody was seriously twisting anyone's arms to take out 120% of their equity to go on vacation and spending spree's. People can and are able to live within their means if they desire to and nobody forces them to not do so by spending instead of saving.
I do have some debt myself right now. I am sitting on a van loan that I am still upside down on, but which I can and do make more than the base monthly payment for. I also nearly always have some medical debt which I am just used to now but it does eat up money quick. Lastly I actually try to keep some revolving debt now on 2 credit cards I have. Especially since I had a card cancelled, apparently for paying off the balance all the time in full.
Not saying others did not add to this shit storm either. Yes people in wall street fucked up. Banks fucked up. Investors fucked up - especially with energy and the like. Seems to many want to say just one area did it, when it was a combined effort.