Americans Are Taking On Debt As If Tomorrow Will Never Come

If you overlook some risks and forget about long-term consequences, spending money as you please seems a quite tempting idea. For instance, instead of calculating what sort of mortgage payment you can actually afford, why not try to purchase your $600,000 dream home? You only live once, right? And, since you already crossed that line, why not taking a sizable loan to buy yourself a brand new $60,000 SUV instead of driving around your dumpy old car for another year or two? Wouldn’t that be awesome? While you are at it, why don’t you go shopping and max out all your credit cards to get everything you always wanted? Don’t think about the credit card interest, just go there and do it. Well, if all of this sounds good but probably too crazy for you, it’s because it is. However, many Americans haven’t been thinking much about long-term consequences these days. With a federal government that spends money as it grows on trees when it comes to money management, our society is lacking role models. Our government debt i