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View Diary: The 1 Percent Indifferent to Their Indebtedness (15 comments)

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  •  where do you get the idea Americans don't (0+ / 0-)

    like debt? the economy is based on it.

    "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

    by eXtina on Wed Nov 30, 2011 at 07:36:30 AM PST

    •  Still, most normal people (3+ / 0-)
      Recommended by:
      TomP, luckylizard, opinionated

      don't like debt. They hold mortgage burning parties to celebrate paying off those debts.
      They run up credit card debt only because their wages have not increased significantly over the past 20 years and now, even with two parents working, families struggle under the pressure of insufficient income.

    •  No one ever said people are rational (0+ / 0-)

      In fact, the more I see of life, the more I think that the greater part of how many people usually act is not based in logic or rationality at all.

      In other words, it is possible for someone to dislike debt, while at the same time using debt on a regular basis to get through life. It's a fact that salaries for everyone who isn't at the top have declined over the last thirty years once you adjust for inflation, and that two parents working doesn't necessarily help as much as you'd think it would. It's no wonder that many people, even the ones who aren't enthusiastic about debt, would turn to it in order to survive and maintain their standard of living. It's not the smartest thing to do, but it's a reaction that makes sense when you look at it that way.

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