Runaway credit destroying American retirement

4 thoughts on “Runaway credit destroying American retirement”

  1. Credit surely enables us, but I think that the driving factor lies within my own professional field: advertising.

    It makes me think back to my favorite quote from a movie (Fight Club):
    “[…] I see all this potential, and I see squandering. God damn it, an entire generation pumping gas, waiting tables; slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off. ”

    We have been brought up with the idea that stuff means success and happiness. I personally think all of the keeping up with the Jones’ is simply a consequence with being bombarded with thousands of ads per day starting when we are extremely young. Its a terrible cycle; I see that car , I want that car, I borrow to get the car, and work until 70 to pay for the car. And house, and clothes, and electronics, etc.

    1. Advertisers and marketers these days are critically effective. They know how to get Americans to buy, and the right ad in front of the right person at the right time, as you know, can have extremely positive effects. Agreed, the field of advertising is most definitely the avenue where *desire* is established. The desire to buy that new car, or stereo, or NFL Sunday Ticket package, whatever.

      I think these two concepts probably work in unison. Advertising creates the desire (or the “want”), and credit enables the follow through to the purchase.

  2. Totally agree. This morning I heard a report that the average car loan today is 74 months (this is my next blog post actually). 74 months to buy something that goes down in value. WTH?

    1. The average?!? Wow, that’s pretty incredible. Yeah, not only do you not need the money (and I mean ANY money) to make a large purchase like that, but apparently you can take a half decade or more to pay off something a small, clumsy and inefficient as a car.

Leave a Reply