Comments on: The Typical American Family is Broke! http://www.americanconsumernews.com/2007/02/the-typical-american-family-is-broke.html News for Consumers in Changing Times Sun, 12 Feb 2012 04:49:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://www.americanconsumernews.com/2007/02/the-typical-american-family-is-broke.html/comment-page-1#comment-235 Anonymous Fri, 23 Feb 2007 19:49:00 +0000 http://www.americanconsumernews.com/2007/02/the-typical-american-family-is-broke.html#comment-235 Ray....I hear ya...But in addition to folks buying homes they can't afford, they aren't saving when they could. I can't throw all of our country's 'lack of saving' into "young folks buying houses". That isn't the case. These kids [in my age group in my large community] are still living at home at 26-27-28 years of age and have $400/month BMW leases. And very few save a dime as everything from the check goes into consumption and beer.<br/><br/>There might be a inch of truth in 'when the population goes up, debt increses', but that type of reasoning could be applied to every other facet and it's just a crutch. One that is a poor excuse.<br/><br/>I have always thought having ONE quality rewards credit card is the best bet and when something happens to your social or other sensative information, you don't have to alert 13 credit companies. It gets onerus after a few imho. Ray….I hear ya…But in addition to folks buying homes they can’t afford, they aren’t saving when they could. I can’t throw all of our country’s ‘lack of saving’ into “young folks buying houses”. That isn’t the case. These kids [in my age group in my large community] are still living at home at 26-27-28 years of age and have $400/month BMW leases. And very few save a dime as everything from the check goes into consumption and beer.

There might be a inch of truth in ‘when the population goes up, debt increses’, but that type of reasoning could be applied to every other facet and it’s just a crutch. One that is a poor excuse.

I have always thought having ONE quality rewards credit card is the best bet and when something happens to your social or other sensative information, you don’t have to alert 13 credit companies. It gets onerus after a few imho.

]]> By: Ray http://www.americanconsumernews.com/2007/02/the-typical-american-family-is-broke.html/comment-page-1#comment-222 Ray Thu, 22 Feb 2007 13:27:00 +0000 http://www.americanconsumernews.com/2007/02/the-typical-american-family-is-broke.html#comment-222 Is all the information in your article true? Probably yes, but you are taking it all out of context.<br/><br/>Is our credit card debt increasing? Yes, but how much of that is lower interest rates than before? How much of that is 0% and how much of that is from the wealthiest individuals who can pay it off if they wanted?<br/><br/>It doesn't matter if I have 1 credit card or 100. If the person who has those cards knows how to use them it's not relevant.<br/><br/>Show me the stat that 96% of Americans will be dependent on the government when they retire. That's news to me, especially since social security will no longer be funded in the next 10+ years. (The date keeps getting closer)<br/><br/>Do americans owe a lot of money? Maybe, but when the population increases, logically the overall debt will increase. Also, debt is not a bad thing, I've already discussed that in another post.<br/><br/>Mortage balances are higher. Well duh, because interest rates were at an all-time low and the number of homeowners increased. People purchased additional homes, and while they will have increased mortgages in the short time, that is just temporary.<br/><br/>More Bankruptcies... of course! When you have the largest number of new homeowners applying EVER, you are going to obviously have more banruptcies. <br/><br/>Americans are spending more than they make? Well, what are they spending it on? Are they BUYING A HOUSE?, well, that is a long-term investment. Just because people are not saving money doesn't mean they are not investing money or utilizing their money in different areas.<br/><br/>Now, I will agree that if that number doesn't start to pick up in the next few years, there might be some worries. Otherwise, it's too earlier to say anything.<br/><br/>As long as you are saving your money and investing for retirement you won't need to worry about anything. Is all the information in your article true? Probably yes, but you are taking it all out of context.

Is our credit card debt increasing? Yes, but how much of that is lower interest rates than before? How much of that is 0% and how much of that is from the wealthiest individuals who can pay it off if they wanted?

It doesn’t matter if I have 1 credit card or 100. If the person who has those cards knows how to use them it’s not relevant.

Show me the stat that 96% of Americans will be dependent on the government when they retire. That’s news to me, especially since social security will no longer be funded in the next 10+ years. (The date keeps getting closer)

Do americans owe a lot of money? Maybe, but when the population increases, logically the overall debt will increase. Also, debt is not a bad thing, I’ve already discussed that in another post.

Mortage balances are higher. Well duh, because interest rates were at an all-time low and the number of homeowners increased. People purchased additional homes, and while they will have increased mortgages in the short time, that is just temporary.

More Bankruptcies… of course! When you have the largest number of new homeowners applying EVER, you are going to obviously have more banruptcies.

Americans are spending more than they make? Well, what are they spending it on? Are they BUYING A HOUSE?, well, that is a long-term investment. Just because people are not saving money doesn’t mean they are not investing money or utilizing their money in different areas.

Now, I will agree that if that number doesn’t start to pick up in the next few years, there might be some worries. Otherwise, it’s too earlier to say anything.

As long as you are saving your money and investing for retirement you won’t need to worry about anything.

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