the debt binge fueled by people that borrowed against their equity to buy fancy cars and European vacations
Now we know how Europe manages to survive - debt-fuelled American tourism! :-)
but we didn't borrow to do it. My BIL on the other hand has 3 vehicles, a travel trailer, motorcycles, every tool imaginable (and only magnesium cases to save weight). How does he do it? He was in debt up to his eyeballs as the cheezy commercial goes. Spent virtually all of the $400K his house price ran up. But at least they sold and didn't get stuck with it.
I see plenty of friends who complain about debt loads driving vehicles that cost $50K. boo hoo hoo is what I'm thinking behind the smile and the nod.
