How can so many people be in debt.

[slightlyhuman]

Originally posted by: Doggiedog

Originally posted by: MySoS
The funeral post made me think about this. I find it strange how so many people are in debt. My family (parents) is low income, yet we have 0 debt. We are able to buy new cars, and make home improvements up front in cash. So I don't see how if my parents who are poor can afford to do things like paying for a 25,000 car up front, and buy a new $15,000 roof up front with in a years time. Why do middle class families have to take out loans and such. Why are so many middle class families in debt. What are they spending their money on. I think the problem is people spend more then they have. That is why I think the idea of a morgage on a house, or a loan is stupid one. Just paying for everthing up front. That way you won't be in any debt.

Where the heck do you live Mr. Moneybags?

In the NYC area, you can't buy a decent house for less than $400k. If you want a 2 bedroom apartment in Manhattan, you're looking at $500k+.

dear God... that is so crazy to even think about that. 500k here in arkansas would get you a very very nice house in an awesome neighborhood.

 

[rh71]

heh pay for a mortgage up front... good one.

people can afford $300-$400k ... just not all at once. Can a company pay your entire salary for the next 5 years up front ? Then that would work.

 

[edmicman]

I would consider "poor" meaning you aren't sure if you'll be able to get groceries the next week, or if your car will keep running to get you to work. It doesn't mean you have tons of debt, and it doesn't mean you can pay cash for a 25k car. :-/

 

[isasir]

Originally posted by: MySoS
I have no idea how much money my parents make, I say we are poor since that is what my parents tell me.

My parents told me that Santa Claus brings me gifts every year.

 

[Doggiedog]

Originally posted by: MySoS

Originally posted by: blackdogdeek

Originally posted by: MySoS

Originally posted by: Doggiedog

Originally posted by: MySoS
The funeral post made me think about this. I find it strange how so many people are in debt. My family (parents) is low income, yet we have 0 debt. We are able to buy new cars, and make home improvements up front in cash. So I don't see how if my parents who are poor can afford to do things like paying for a 25,000 car up front, and buy a new $15,000 roof up front with in a years time. Why do middle class families have to take out loans and such. Why are so many middle class families in debt. What are they spending their money on. I think the problem is people spend more then they have. That is why I think the idea of a morgage on a house, or a loan is stupid one. Just paying for everthing up front. That way you won't be in any debt.

Where the heck do you live Mr. Moneybags?

In the NYC area, you can't buy a decent house for less than $400k. If you want a 2 bedroom apartment in Manhattan, you're looking at $500k+.

My family is poor, I am not Mr. Moneybags.

My parents live in Sacramento, Ca.

If you can't afford to live in NYC then don't. Don't go bankrupt living some where you can't afford.

poor? if you consider poor to mean that you can pay for a house in cash, then i'd love to be as poor as your family is.

I didn't say my family paid for their house upfront. In 1980 when they bought it they barrowed family members. And paid the family members off in 5 years. In 1980 the house cost around 100,000. My family is poor. We can do these things because we know how to take care of money. Even though we are poor we own 4 cars and each car was paid upfront in cash. 2 of the cars are after 1995, and 2 are after 2003. Poor doesn't mean you can't afford to do things.

You just contradicted yourself.

If you owed your family members $100K, that is still debt. Its great that they would lend your parents that kind of money but in the real world that doesn't happen often. That's like asking your family members to lend you $400K now (considering the price of your house). How reasonable is that? How many people have access to that kind of money? Try doing that now using your own resources. I would be very interested in learning how you can accomplish this.

 

[Looney]

Originally posted by: MySoS

Originally posted by: Doggiedog

Originally posted by: MySoS
The funeral post made me think about this. I find it strange how so many people are in debt. My family (parents) is low income, yet we have 0 debt. We are able to buy new cars, and make home improvements up front in cash. So I don't see how if my parents who are poor can afford to do things like paying for a 25,000 car up front, and buy a new $15,000 roof up front with in a years time. Why do middle class families have to take out loans and such. Why are so many middle class families in debt. What are they spending their money on. I think the problem is people spend more then they have. That is why I think the idea of a morgage on a house, or a loan is stupid one. Just paying for everthing up front. That way you won't be in any debt.

Where the heck do you live Mr. Moneybags?

In the NYC area, you can't buy a decent house for less than $400k. If you want a 2 bedroom apartment in Manhattan, you're looking at $500k+.

My family is poor, I am not Mr. Moneybags.

My parents live in Sacramento, Ca.

If you can't afford to live in NYC then don't. Don't go bankrupt living some where you can't afford.

Well good for you. If you are happy living poor with no debt, then good for you. Some people don't mind having debt and living in the area they like and in the house of their dreams.

 

[Kelvrick]

Originally posted by: MySoS

Originally posted by: blackdogdeek

Originally posted by: MySoS

Originally posted by: Doggiedog

Originally posted by: MySoS
The funeral post made me think about this. I find it strange how so many people are in debt. My family (parents) is low income, yet we have 0 debt. We are able to buy new cars, and make home improvements up front in cash. So I don't see how if my parents who are poor can afford to do things like paying for a 25,000 car up front, and buy a new $15,000 roof up front with in a years time. Why do middle class families have to take out loans and such. Why are so many middle class families in debt. What are they spending their money on. I think the problem is people spend more then they have. That is why I think the idea of a morgage on a house, or a loan is stupid one. Just paying for everthing up front. That way you won't be in any debt.

Where the heck do you live Mr. Moneybags?

In the NYC area, you can't buy a decent house for less than $400k. If you want a 2 bedroom apartment in Manhattan, you're looking at $500k+.

My family is poor, I am not Mr. Moneybags.

My parents live in Sacramento, Ca.

If you can't afford to live in NYC then don't. Don't go bankrupt living some where you can't afford.

poor? if you consider poor to mean that you can pay for a house in cash, then i'd love to be as poor as your family is.

I didn't say my family paid for their house upfront. In 1980 when they bought it they barrowed family members. And paid the family members off in 5 years. In 1980 the house cost around 100,000. My family is poor. We can do these things because we know how to take care of money. Even though we are poor we own 4 cars and each car was paid upfront in cash. 2 of the cars are after 1995, and 2 are after 2003. Poor doesn't mean you can't afford to do things.

That is not poor you dumbass. I hate it when little bitches like you come around spouting their little sh1t ideas on how poor they were and yet they were able to succeed and people just suck. God damn.

 

[Mo0o]

You have a very poor understanding of the real world. If you think the common person should pay for houses upfront you are damn out of your mind

 

[blackdogdeek]

Originally posted by: MySoS

Originally posted by: blackdogdeek

Originally posted by: MySoS

Originally posted by: Doggiedog

Originally posted by: MySoS
The funeral post made me think about this. I find it strange how so many people are in debt. My family (parents) is low income, yet we have 0 debt. We are able to buy new cars, and make home improvements up front in cash. So I don't see how if my parents who are poor can afford to do things like paying for a 25,000 car up front, and buy a new $15,000 roof up front with in a years time. Why do middle class families have to take out loans and such. Why are so many middle class families in debt. What are they spending their money on. I think the problem is people spend more then they have. That is why I think the idea of a morgage on a house, or a loan is stupid one. Just paying for everthing up front. That way you won't be in any debt.

Where the heck do you live Mr. Moneybags?

In the NYC area, you can't buy a decent house for less than $400k. If you want a 2 bedroom apartment in Manhattan, you're looking at $500k+.

My family is poor, I am not Mr. Moneybags.

My parents live in Sacramento, Ca.

If you can't afford to live in NYC then don't. Don't go bankrupt living some where you can't afford.

poor? if you consider poor to mean that you can pay for a house in cash, then i'd love to be as poor as your family is.

I didn't say my family paid for their house upfront. In 1980 when they bought it they barrowed family members. And paid the family members off in 5 years. In 1980 the house cost around 100,000. My family is poor. We can do these things because we know how to take care of money. Even though we are poor we own 4 cars and each car was paid upfront in cash. 2 of the cars are after 1995, and 2 are after 2003. Poor doesn't mean you can't afford to do things.

you said the idea of a mortagage was stupid and that we should pay for everything up front.

your last post states that you didn't pay for your house upfront, but borrowed money from your relatives(or at least that's what i take your meaning to be), which is in essence, A LOAN.

and you continue to insist that poor means you can have 4 cars, each paid for in cash.

and just for reference, the american heritage dictionary defines "poor" as:

1. Having little or no wealth and few or no possessions.

 

[pyonir]

Originally posted by: MySoS
I have no idea how much money my parents make, I say we are poor since that is what my parents tell me.

LMAO....okay....

 

You're a kid without a clue about finance.

 

[WhiteWonder]

Originally posted by: MySoS
How can so many people be in debt

Chicks

 

[Mo0o]

Originally posted by: pyonir

Originally posted by: MySoS
I have no idea how much money my parents make, I say we are poor since that is what my parents tell me.

LMAO....okay....

I bet his parents are Asian and cheap. BIG difference from poor

 

[MySoS]

Originally posted by: blackdogdeek

Originally posted by: MySoS

Originally posted by: blackdogdeek

Originally posted by: MySoS

Originally posted by: Doggiedog

Originally posted by: MySoS
The funeral post made me think about this. I find it strange how so many people are in debt. My family (parents) is low income, yet we have 0 debt. We are able to buy new cars, and make home improvements up front in cash. So I don't see how if my parents who are poor can afford to do things like paying for a 25,000 car up front, and buy a new $15,000 roof up front with in a years time. Why do middle class families have to take out loans and such. Why are so many middle class families in debt. What are they spending their money on. I think the problem is people spend more then they have. That is why I think the idea of a morgage on a house, or a loan is stupid one. Just paying for everthing up front. That way you won't be in any debt.

Where the heck do you live Mr. Moneybags?

In the NYC area, you can't buy a decent house for less than $400k. If you want a 2 bedroom apartment in Manhattan, you're looking at $500k+.

My family is poor, I am not Mr. Moneybags.

My parents live in Sacramento, Ca.

If you can't afford to live in NYC then don't. Don't go bankrupt living some where you can't afford.

poor? if you consider poor to mean that you can pay for a house in cash, then i'd love to be as poor as your family is.

I didn't say my family paid for their house upfront. In 1980 when they bought it they barrowed family members. And paid the family members off in 5 years. In 1980 the house cost around 100,000. My family is poor. We can do these things because we know how to take care of money. Even though we are poor we own 4 cars and each car was paid upfront in cash. 2 of the cars are after 1995, and 2 are after 2003. Poor doesn't mean you can't afford to do things.

you said the idea of a mortagage was stupid and that we should pay for everything up front.

your last post states that you didn't pay for your house upfront, but borrowed money from your relatives(or at least that's what i take your meaning to be), which is in essence, A LOAN.

and you continue to insist that poor means you can have 4 cars, each paid for in cash.

and just for reference, the american heritage dictionary defines "poor" as:

1. Having little or no wealth and few or no possessions.

Well when I said loan I ment a bank loan with interest.

 

[beer]

*Anyone* that claims that, to a working double-income household, a mortgage is a BAD INVESTMENT (at recent interest rates) given the inflation that the last two decades have given us is compeletely uniformed and obviously should not be telling anyone how to handle money.

 

[pyonir]

If you own a house, 4 cars newer than 1995 and pay for everything (even said cars) then you and your family is NOT poor.

 

[jjones]

Since the poverty level for a family of 3 is about the same as the cost you mentioned for the roof of your house, I don't think you qualify as poor.

 

[MySoS]

Originally posted by: Mo0o

Originally posted by: pyonir

Originally posted by: MySoS
I have no idea how much money my parents make, I say we are poor since that is what my parents tell me.

LMAO....okay....

I bet his parents are Asian and cheap. BIG difference from poor

Yes my mother is Vietnamese. She is mainly the one who keeps saying how poor we are.

 

[pyonir]

Originally posted by: MySoS

Originally posted by: Mo0o

Originally posted by: pyonir

Originally posted by: MySoS
I have no idea how much money my parents make, I say we are poor since that is what my parents tell me.

LMAO....okay....

I bet his parents are Asian and cheap. BIG difference from poor

Yes my mother is Vietnamese. She is mainly the one who keeps saying how poor we are.

for Mo0o. Good job man!

 

[Mo0o]

Originally posted by: MySoS

Originally posted by: Mo0o

Originally posted by: pyonir

Originally posted by: MySoS
I have no idea how much money my parents make, I say we are poor since that is what my parents tell me.

LMAO....okay....

I bet his parents are Asian and cheap. BIG difference from poor

Yes my mother is Vietnamese. She is mainly the one who keeps saying how poor we are.

4 cars means you are not POOR. If you can pay off a 100,000 loan from relatives in 5 years, you are not POOR.

 

[Looney]

Originally posted by: MySoS

Originally posted by: blackdogdeek

Originally posted by: MySoS

Originally posted by: Doggiedog

Originally posted by: MySoS
The funeral post made me think about this. I find it strange how so many people are in debt. My family (parents) is low income, yet we have 0 debt. We are able to buy new cars, and make home improvements up front in cash. So I don't see how if my parents who are poor can afford to do things like paying for a 25,000 car up front, and buy a new $15,000 roof up front with in a years time. Why do middle class families have to take out loans and such. Why are so many middle class families in debt. What are they spending their money on. I think the problem is people spend more then they have. That is why I think the idea of a morgage on a house, or a loan is stupid one. Just paying for everthing up front. That way you won't be in any debt.

Where the heck do you live Mr. Moneybags?

In the NYC area, you can't buy a decent house for less than $400k. If you want a 2 bedroom apartment in Manhattan, you're looking at $500k+.

My family is poor, I am not Mr. Moneybags.

My parents live in Sacramento, Ca.

If you can't afford to live in NYC then don't. Don't go bankrupt living some where you can't afford.

poor? if you consider poor to mean that you can pay for a house in cash, then i'd love to be as poor as your family is.

I didn't say my family paid for their house upfront. In 1980 when they bought it they barrowed family members. And paid the family members off in 5 years. In 1980 the house cost around 100,000. My family is poor. We can do these things because we know how to take care of money. Even though we are poor we own 4 cars and each car was paid upfront in cash. 2 of the cars are after 1995, and 2 are after 2003. Poor doesn't mean you can't afford to do things.

WTF? Your family BORROWED money from others... that's still a loan. They obviously didn't pay for it all upfront with their own money.

And you sure don't sound poor. Cheap maybe, but that certainly doesn't sound poor to me.

 

[Electric Amish]

If nobody had any debt then all the CC companies would not exist and all those people would not have jobs.

 

[mugs]

If your family does not make a lot of money, but they pay for everything (including their house) in cash, then your father is most likely in the mafia.

 

[amoeba]

OP has very weak knowledge of what poor means. I bet his family is very much above the mean income per household for the US.

That said, his comment on fiscal responsibility does ring true.

The american spirit of living on credit too often gets us in trouble.

 

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