Submitted by sciguy75 on September 30, 2008 - 6:14pm.
A question that has also been on my mind is "How will the current market mess affect my 4-month-old son?"
I've always marveled on the fact that we Americans are so comfortable with debt. I remember having a college friend who would get all sorts of free junk by applying for credit cards at sporting events. He would always put 0 as his income. But sure enough, he would get a card (and the junk). Was he irresponsible, or were the companies who issued him the cards? It seems that everyone is eager to go into debt for the short gain, figuring that the details will be worked out later. The proposed 700 billion dollar bailout is no different. It's the later part that has me worried about my son.
I understand, having a mortgage and student loans, that some debt is good debt. But what about this American culture of debt? What are we leaving our sons and daughters?
Re: How has the current market mess effected you?
A question that has also been on my mind is "How will the current market mess affect my 4-month-old son?"
I've always marveled on the fact that we Americans are so comfortable with debt. I remember having a college friend who would get all sorts of free junk by applying for credit cards at sporting events. He would always put 0 as his income. But sure enough, he would get a card (and the junk). Was he irresponsible, or were the companies who issued him the cards? It seems that everyone is eager to go into debt for the short gain, figuring that the details will be worked out later. The proposed 700 billion dollar bailout is no different. It's the later part that has me worried about my son.
Consider this article from Sunday's Washington Post:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/27/AR200809...
I understand, having a mortgage and student loans, that some debt is good debt. But what about this American culture of debt? What are we leaving our sons and daughters?