Normal American debt broken down:
In today’s America, being a dreamer or rather achieving the “American dream” seems to come with a huge price tag or you can call it debt. This is by no means a secret anymore.
Less is being saved, more is being spent along with insane borrowing to acquire “the dream”.
Been there; tried to dream a little and got beat…..Real bad!
So what are the areas I am trying to talk about that are keeping most Americans running like hamsters to nowhere?
- Mortgage debt. You bet, most Americans have developed a thinking that the bigger the better or rather the more magazine worthy the better. And most of us are led to believe that we can afford the “dream” with little to nothing down. This has pushed most of our citizens into falling victims of the assumed “American dream” thus contributing to a whopping $150,000 on average for American home owners according to statistics. When you really think about it, if you still owe money, you don’t necessarily own the home. I would say you are taking care of the banker’s home. That is a fact friend.
- The beloved student loans. Ooh I love listening to Mr. Ramsey whom we adore by the way because his principle helped us run as fast as we could from chasing the “American dream”…..Yes we choose not to be normal…I mean “normal debt drenched Americans”. According to The Nerd Wallet, the average American household has at least $49,042 on average. That is just the average which means that one single student possibly graduates with the above amount in student loans. So you tell me if you want to be normal?…..Go ahead!
- Auto debt. The beauty, the beast, my baby….These are some of the crazy names we give our vehicles, that by the way depreciate like crazy for every mile you drive or mile you don’t drive. They just depreciate! But most of the “American dreamers” want “the dream vehicle” in all its dreamy glory and of course the debt/ monthly payments that come with it. Think people, this thing will not put food on the table regardless of how shiny it is. It’s just a means to getting places…. don’t let it own you or rather don’t become part of the statistics; which by the way indicate that on average, According to statistics, Americans owe at least $28,535 per house hold in auto debt on average.
- Credit card debt. On average, we have at least $16,061 in credit card debt for every American house hold. Well, you got it….”the American dream I mean”. Just like I mentioned that we acquire the big American home, then turn it into a magazine worthy assembly with the “magic card” of course. This card that is allowing the regular American to lose their minds, to “have it all” without even thinking or putting forth any effort. Remember though, there’s a price to pay and yes you will pay your own!!!!. The stress, living paycheck to paycheck from making payments, not being able to pay, being a slave to the lender(that is a guarantee), working like a dog to maintain “the dreamy” life style and of course living the “unrealistic and painful American dream”. We have to understand the fact that if we don’t have the cash, then we cannot afford all the luxuries we seek out to fit into the “American dream mold”.
WAKE UP, STOP DREAMING OF THE “AMERICAN DREAM”!!!!.
Statistics taken from The Nerd Wallet Blog.
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