Quote:
Originally Posted by Sylvanfan
Okay...so how the hell does the average person owe $41,000 in debt on assets that aren't worth anything?
Seriously...there are a lot of people on this forum claims to be debt free and seemingly have a lot of assets. To have $41,000 grand in worthless consumer debt...thats a lot of booze, tobacco, gambling, or travelling. I probably rack up $600 a month on my credit card in purchases...but I also pay it off every month as I buy most of my essential stuff using the credit card. Would that mean I have $7200 a year in personal worthless debt? I just don't see how those numbers could be accurate. No way everyone owes what is basically the equivilent of a brand new Lexus in debt.
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Aren't they more refering to national debt levels spread out amoung the population then each persons actual debt?
But I'll bite anyways, toss in some student loans, a stupidly expensive wedding, a couple failed business partnerships, subsequent divorce, poorly timed investments and a vehicle which manages to suffer multiple mechanical failures every year and yeah 40k+ isn't that hard to ring up at all :P