Originally Posted by SlowGreyGT
I just don't understand people who live beyond their means spending more than they make living off of credit cards or stretching themselves so thin if anything goes wrong they are screwed.
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That's the new American dream. Media, politicians, everyone deems it as an okay lifestyle, so naturally everyone believes them. Unfortunately people don't realize what they are doing, and that by doing so, it only drives the economy down even more than it already is.
The moment IRS and CC debt settlements started to be paid off at a fraction of the value was the moment all of it was doomed. IMO, that should've never been allowed. You rack up $20k in CC debt, you will work and pay that debt off to $0, not pay $4k and have the rest wiped clean. Because that just shows they can go out and spend that much again and still get off for paying $4k again....
/rant