Written by admin on November 4th, 2008
Debt Now an Overwhelming Factor in Most People’s Lives
It might go without saying for many of you, but recent studies indicate that debt is now one of the primary motivating factors in most people’s daily lives. According to a recent study that asked a selection of individuals what their goals were in life, more than half of them replied that their fondest desire was to simply “pay off their debts”. This was also the reason that the majority of the polled individuals gave for why they wish to succeed at their jobs or careers – to generate the money necessary to redeem their credit scores from the mire of irresponsible financial decisions they made in their youths.
What is responsible for this massive shift in the public attitude towards personal dreams and work ethic? Surprisingly, not all of it can be attributed to bad choices and fiscal irresponsibility. In many instances, the people in question have simply inherited their debt from others, usually their parents. It seems that the past several generations have grown increasingly more reckless with money, and now that the nation is facing a recession, the time has come for the curr sent crop of employed young people to pay the piper.
Another root cause of the phenomenon seems to be the belief that it’s now functionally impossible to live without going into debt. Even in instances of “good debt” such as mortgages and car loans, most young people feel that paying cash for the goods in their life is simply not an option. Wages are simply not large enough, and prices are simply too high.
The result? Purchases that once were made entirely in cash, such as furniture or small electronics, are now relegated to the same “monthly payment” status as homes and cars. Within just a few years of this behavior, they are stuck in a cycle of endless debt.
It remains to be seen what effect this attitude will ultimately have upon the generation saddled with so much of a financial burden, but it certainly doesn’t seem as if it will be a good one.
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1 Comment at "Debt Now an Overwhelming Factor in Most People’s Lives"
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