Finance

The American Dream: Pursuing Success by Constantly Applying for Loans

Written by Tyler Shears on July 21, 2009 5:30 pm EST

After the Golden Age of Capitalism had begun in America, more and more people were ready to pursue and spread the idea of capturing the American Dream. The theory was simple and happened relatively quickly. Start by graduating high school, move on to surviving college, then acquire personal transportation, become successful in a career you share some interest in, marry the girl (or guy) of your dreams, and finally buy a home to shelter your family in order to pass on the dream to your children and start the cycle all over again.

*Click to enlarge

What most people didn’t mention were the financial hardships that were involved in this bold pursuit. Many young and naïve Americans signed up for their first credit card at 18 and thought little of the responsibility that came along with it. Once they made it to a college of their choice they were forced to deal with financial aid and student loans. After college, they again retreated back to the banks in order to get an auto loan so they can make it back and forth from their entry level job. Once they got fed up with being bossed around they took on the title of entrepreneur and learned what it’s like to file their own taxes, normally resulting in a tax loan. At this point most people would consider loan consolidation to crawl their way out of debt! Once their income became stable enough it was time to find that perfect lady (or man) but little did they know their wedding would cost more than their first car! Once they’ve enjoyed their happy marriage for long enough it’s time to consider settling down, buying a house and raising a family. But before all this could happen they would have to visit a mortgage broker who assured them it was a sound financial choice to sign for an adjustable rate mortgage which ended up putting them further into unexpected debt. See for yourself:

The infograph above gives a visual depiction of accruing debt compared to the average Americans annual income. Follow the graph to get a good picture of how most Americans feel when they are struggling to pursue the American Dream and ask yourself; should the pursuit be reconsidered as “The American Nightmare?”

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