Originally Posted by taleof2bricks
Many Americans lived so close to the edge, that when trouble came, they fell off and 'lost everything'.
Want to be car rich and cash (house, savings, etc) poor? Then wiggle your way into it. At least you will look like you have $ to the chicas, as you take them to Burger King & ask them to pay for their meal. $70k may be decent $ for your age, is certainly a lot to someone who is in the unemployment line, but it isn't really "good money".
I think the fault is primarily due to the banks and investment institutions ... lending money to people that really cannot afford some of the things they purchased / acquired like houses, condos and cars etc ... just look around you what you can get today (more so a few years back) with no money down ... it's ridiculous ... I feel sorry for the people that simply fall for this