* Just to clarify – I named him Baby Daddy because his wife just gave birth two months ago to a beautiful baby boy. Not because he’s some deadbeat or anything.
So the three of us are riding back together, gossiping about work stuff and catching me up on all the happenings I’ve been missing while working out of town. Somehow we got away from the work gossip and on to the topic of how compared to a lot of people we were all better off – and we weren’t talking about just financially. Cyclist was talking about having an amazing wife, Baby Daddy was talking about the new baby and being a first time Daddy. Eventually we worked our way around to finances – we agreed we were lucky to have good jobs, a stable company, opportunities for advancement, and a good 401k plan. Then Baby Daddy asked if we’d ever seen CNBC’s the Millionaire Inside. Of course I have – I’m really into financial stuff, but Cyclist had not, since he doesn’t have cable so Baby Daddy explained the show to Cyclist – “People who are seriously in debt come on the show and experts try to help them change and become financially successful”. Baby Daddy talked about how seeing these people who are millions of dollars in debt makes him feel better about his lack of substantial savings. We all start going on and on about how horrible it must be to be that far in debt and I talked about how I have a really hard time relating to how you can get to that point of debt problems (in the millions people) and not realize there’s a problem and make a change. Cyclist agreed with me and added that even if you get into a thousand dollars of debt you’ve got to realize there’s a problem and do something to fix it. “So neither one of you is in debt?” Baby Daddy wanted to know. We both said no, I have no debt and Cyclist has none and even has his house paid off. Baby Daddy couldn’t believe this, and said we must be the only two people in the country who’s not in debt. This made me start thinking about if debt was the norm rather than the exception.
I further started thinking about this after a comment my mom made to me. On Saturday we were walking at the park and she was talking about her money woes and how she just can’t seem to make it all work. I love my mama and was sympathetic to her plight but seriously it’s the choices she makes for examples she has a $200 cable bill but claims she can’t find anything on TV to watch – but I digress the post isn’t about her money choices. At the end of her complaints she shrugged her shoulders and said “I guess everyone’s in debt”.
Baby Daddy and my Mom both think everyone’s in debt. Is everyone in debt, are Cyclist and I the only ones not in debt?
I know we hear statistics all of them about the average savings is negative and how the average non-mortgage debt per household is about $14,500 . But does that really reflect the typical lifestyle in
What do you think, do think the majority of Americans are in debt?