Quote:
Originally Posted by Eff-1
One thing I can't wrap my head around. How does someone end up with $40k in CC debt?
My brain cannot process that.
The only scenario I could think of is there was some kind of desparate emergency and CC was no other option?
Or you spend $40k on something big like a renovation or a car, and then lose your job the next day?
Or is it just terrible lack of awareness when it comes to spending?
My parents always paid off the CC in full, every month, and I guess that stuck with me. I've never thought of my CC as way to buy something I couldn't afford to buy with cash.
Sorry I don't mean to be naive, it's genuine question.
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Consumer debt is a huge issue these days for many people. It's no wonder you can see so many commercials about professionals helping people with debt consolidation.
Is it partly due to parental upbringing? How many parents here, whatever your ethnic background, teach your kids about financial management?
Do parents and the education system teach kids the importance of saving money, investing money, and making smarter choices to be savvy consumers?
For example, saving their money from an allowance if the kids get an allowance or saving some of their CNY red pocket money? -learning how to buy staff on sale instead of at regular price and the importance of hard work in any job?