How Our Current Generation Views Finances
If one credit card or credit limit is maxed out—no problem—just apply for and receive a brand spanking new one with an even higher credit limit. If you can't afford to purchase that new car on a traditional three-year installment payment plan, you just opt for the 60 or 72-month option. By the way, if you think a 72-month car payment doesn't sound that bad, you are right. It does not sound as a bad as a six-year car loan, which is why it is marketed as a monthly payment to soften the sticker shock for consumers.
If you want to know how our current generation feels about saving money and delaying gratification, just flip on the television set or radio and follow the news reports about the Occupy Wall Street protestors. This generation feels entitled to a government handout and bailout. They have no interest in working a semester to earn their tuition money and then attending college for a semester because that would take too long. No, they want that degree—they are entitled to it—and they want it now.
Rather than accepting the responsibility for incurring more debt than they could ever pay off, they want their rich Uncle Sam to take care of them and pay off their student loans. However, what's the cost to the American taxpayer? Want to know a mind-numbing statistic?
Student loan debt owed to the federal government totals one hundred billion dollars in 2011, according to Fox Business writer Gerri Willis. Not surprisingly, given their abysmal track record to date, the White House administration's answer to this and other financial problems is to tax more, to spend more, and to kick the can down the road to our future generations.
If you think it begins and ends with individuals who spent more than they made and now refuse to accept the responsibility for their poor choices, look at our federal government. Who can even imagine what trillions of dollars of debt really looks like in cold hard cash? (Keep in mind where good ol' Uncle Sam gets his money, and you'll understand why your own finances are feeling the pinch.)