When I was a child, I remember listening to my parents discussing the topic of large purchases for the family. What's funny is, a large purchase was something more than $1000. The first house my parents own cost $12,000. A brand-new car was in the $2000 range and that color television set was between $500-$600. Considering what you get now for a TV compared to then is crazy. The biggest TV that was available back then was 25 inches and now I just saw one at the local electronics store that had to be 80 inches. Sure technology has driven the quality and the prices of electronics down but the real reason I was on this topic was not how much better everything has gotten, but how much more expensive homes and autos are and how Americans pay for them today.
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Getting back to where I started, my parents and grandparents used to not spend more than they could afford. If they could not afford a brand-new car, they would look for the nicest used one that they could buy with the cash they had saved up. This is what my point is, people didn't buy stuff on credit, but saved until they could afford to purchase it outright. When we bought our first TV in 1963, my parents put it on lay away until it was entirely paid for and we excitedly brought it home and plugged it in. Young adults of today, have no idea what layaway is, being debt-free or any of the other values that were instilled in the baby boomer generation is no longer with us. The credit industry has done a good job letting people know that they no longer have to wait for anything because they can always charge it and have it now. Just taking a wild guess here, I would say that most people that are making payments on their credit cards have no idea of what items they bought and are still paying for. In this have it now generation, closets are full of clothes that have tags on and never been worn. Electronics have been replaced before they are even paid off and the scary thing is most people don't even realize it.
It's no surprise that 1.5 million Americans are filing bankruptcy every year. This kind of lifestyle is unsustainable and is continuing to get worse in the fabric of our culture. Kids are told in high school that they won't amount to anything unless they have an expensive college education. Kids graduating college today are jobless and in debt, wondering where is the elusive Chupacabra that they were promised. Although, this sounds a little sarcastic, it's closer to the truth than we want to admit. The average 25-year-old college student leaves school being $30,000 in debt. Instead of moving out on their own and starting a family, these young adults are having to move home and consult a bankruptcy attorney on their next financial choices. This is even affecting the parent's lifestyles also. Many parents thought they be cruising around in their Winnebago enjoying retirement, only to find out their kids are moving back home giving them a few more mouths to feed. The golden years is now putting them in danger of filing bankruptcy also if they are not careful. What happened to being debt-free and living the dream?
The dream of becoming debt-free is still there, but we need to forget about what has been taught recently and remember what our grandparents taught us. You know, a penny saved is a penny earned and you appreciate something more if you work hard and save for it. For some individuals it will be a little more work and for the ones that just went crazy, they might consider filing Chapter 7 bankruptcy. Chapter 7 bankruptcy is the quickest way to eliminate a large amount of unsecured debt. To get the best and quickest results, a person should consult a bankruptcy attorney to see if becoming debt-free is really that far off for their personal financial situation.
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