I left home at 14, had my first paying job (special work permit granted) at 10 as a "receptionist" in a veternary hospital and stil managed to graduate high school with honors. Lived with relatives, paid room and board and did chores - worked three jobs (one full, two part) all my young adult life. Bought a condo at 23, new car at 21. No co-signers. Working hard kept me out of trouble and got me where I am today - I own a business (yup, treading water like all the rest of the small business owners I know ...thanks,
Walmart and your cheap-ass Chinese imports) and a home.
You can "blame" a lot of factors. I remember (and I'm not that old!) when you had to work to build your credit -- apply for a credit card at Fashion Bug, with a big $50 limit - then pay it off over two months ... slowly, one card at a time, Sears, etc., over the course of a couple of years you had bankable credit with which to buy a car or maybe a home. Now, college kids get credit cards with no one to pay ... whose fault is this? Greedy banks?
Everyone got greedy. Young couples want to buy their homes, not rent -- my "starter" house was a condo but most I know want a 4-bedroom, 2 1/2 bath to start out with! People have bought houses on interest-only loans expecting to flip them and make a profit. Worked well ... for awhile. Heck, there were shows on HGTV talking about doing this very thing, like it was smart business - so where are those house-flippers now??? People used home equity lines to do everything from take vacations to fund their businesses (guilty of that one, here) sadly those homes aren't worth what we paid for them in many cases. How many people have taken drives and seen all the foreclosed properties - grass a mile high - that are EVERYWHERE? How about the state Detroit has been left in - looks like a bombed-out third world nation already, not part of America ... ditto New Orleans, parts of Texas ... how about the Reservations like Pine Ridge in South Dakota which has BELOW third world country stats in teen suicide, infant mortalilty and life expectancy?
I am so grateful to have been raised by grandparents who went through the Depression - because they taught me a LOT. America is still the most amazing country in the world - I remind my kids that there are people lined up all around the world to get in, not many racing to get out - but if things don't turn around, fast, we are headed for disaster. China has bailed us out for the last time, and I have been told those loans were secured using our National parks as collateral.
Nothing is free in this world. Going to come as a shock to many when it's time to finally pay the piper ...
Laura