Yep. People who think "they just won't sell" don't understand how greedy Americans are.— BowTiedBull - Read Pinned Tweet or NGMI (@BowTiedBull) September 21, 2022
They will be destroyed. Already saw it in 2008 lived it and it was brutal to watch.
Will the responsible ones make it? Of course because they have wiggle room. Most don't https://t.co/7fm8F2ON3e
That's the major downside of a debt-powered lifestyle. Remember reading a story about a guy who kept on buying more and bigger as his income went up. He moved his wife and children to a better house with a larger mortgage. Got a newer car; wife got her own. Eventually wife quit her job to stay home. More toys, lavish vacations. The problem? Zero savings and insane debt.
He lost his job in 2008. Sold her car. Then, his own. Couldn't pay mortgage. Moved in with the in-laws. He went from a $200,000 salary to working part-time at Walmart. He had the option of wiggle room but he wasted it.