March 01, 2006
This is the American nightmare!
Just about everyone will agree that today we are earning much more than what our parents did. We are told that we can expect to live a much better life than they did. Wanna know the real truth? Of course since you are grappling you’re your bills and don’t know where the money’s all gone, you do have an idea. But here are some figures you can crunch. Today, the costs of necessities are rising at an incredible rate and the average household income has actually dropped by nearly $2,000!
Sounds incredible? Well so, where does that leave the hard working American who is working himself to death just to realize a simple dream? With more and more bills! The hope, that someday you could hang up your shoes and watch the sun set gratified in the knowledge that you have enough money in the bank to tide you through, is all but vanishing.
Today, even before you can begin your career, you are saddled with college debts. Then there are the mortgage loans and auto loans. If you want to get married and have children, remember that in a little over a decade, you may be taking another big loan to pay for your child’s education. Sounds awful, but there seems to be no way out of this morass.
And here is the saddest part. Unable to meet even basic requirements, growing numbers of people in the middle class segment have taken to using their credit cards as ‘safety nets’ for all the necessities that they cannot afford to buy due to lack of money. And this takes them into a debt trap from which the only escape could be to file for bankruptcy. A real dismal scene this.
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