The comments to that are interesting too. Many make poor decisions regarding their money and confuse wants with “needs” – and then proceed to take on debt to satisfy “wants”. Then they mysteriously find they are always tight on money and blame “the economy”.
Back in the 2008-2010 Great Recession, our local news talked to those who repossess vehicles on which the debt is not being paid. They said their typical customer was a 30 something couple with two kids, a large, new two-story home, two high end cars typically SUVs, a boat and often an RV or trailer – all bought using debt.
There are things for which using debt is necessary or makes financial sense. But buying high end cars is not one of those.
