American Debt
I read a story about a poll that was taken of high school students. The object was to find out how much they expected to make once they were out of college and had a few years of job experience. The average expected salary? $145,000 per year.
I think this may be one of the reasons that American’s accumulate so much debt. Students graduate and start spending money based on what they expect their salary to be–not necessarily what is realistic.
Within a few years they are deep in debt and looking for debt consolidation loans or other forms of credit help. By the time they come to the conclusion that they aren’t going to be making that much money the damage is done and they are deep in debt–beyond what that can fix by simply being financially frugal.
Ocotlan Said,
March 7, 2008 @ 9:38 pm
Definitely a false expectation of a promising future is one of the reasons why we tend to spend money we don’t have. I’ve experienced this myself because I’m currently unemployed and I can’t commit future income at this time, thanks God I paid off all my expensive debt before being unemployed.