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Comment on 63% of US workers unable to pay a $500 emergency expense, survey finds
SocialMediaRefugee@lemmy.world 1 year ago
I still see LOTS of people with massive trucks, muscle cars and SUVs though.
bob_wiley@lemmy.world 1 year ago
dfc09@lemmy.world 1 year ago
True, financial literacy is pretty lacking, but that’s more of an education issue than “their fault”
Most dealerships and banks will happily approve a loan that’s too high to be realistic. It’s predatory, I make $20/hr and got approved for up to $300k for a mortgage. I bought a house worth half that and it’s still a lot. Just feel like banks really shouldn’t let people sign loans worth 80% of their monthly income
escapesamsara@discuss.online 1 year ago
Financially illiteracy is a point; but it’s not a point for 50+% of the US. Median wage is $50k/year, which is far too low to ever purchase a home, so they’re affected by the median rent being $1,383. which is half their net income.
CADmonkey@lemmy.world 1 year ago
Next time you see one of the fancy lifted “brodozer” trucks, pay attention to the tires. Often times they’re in bad shape, nearly worn out.
That’s because they bought this thing for $700 per month and never took into account that the fancy tires are $300+ each.