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?”

Trackback URL for this post: http://www.gimmiethescoop.com/american-dreams-or-debt-consolidation/trackback

6 Responses to “The American Dream: Pursuing Success by Constantly Applying for Loans”

Nick Says:
July 24th, 2009 at 1:13 am
No. Just because some people make some bad decisions along The American Dream doesn’t mean it’s no longer a dream. Guess what, it’s hard, it’s supposed to be hard. If it was just a stroll in the park, the American Dream wouldn’t be worth jack.
Bubba Says:
July 25th, 2009 at 6:26 pm
I agree with Nick. The Declaration states that our unalienable rights are life, liberty and the pursuit of happiness. It does not state equal outcomes as a right.

Debt has become a problem in this nation, but the house mortgage crisis wouldn’t be such a problem if ppl just lived within their means, like I do. I have a mortgage, but it is only 15% of my income. Sure I could have bought something much larger and expensive (and believe me, the mortgage companies wanted to give me several times of what I actually spent). I also do not splurge spend or have what is referred to as “The Jones’”. I once did have those bad habits and replaced them with new better habits. The only debt I have is my house and it took a long time and serious work to pay down all my other debts. Just an example of living within your means.

To add, you get a return (equity) on an investment of a home, as real estate has historically increased in value.

Right now we are having a bump in the road due to irresponsible practices of borrowers and lenders, which needs to be corrected. I can almost guarantee though, that these hard times will bring about a more responsible generation.
PinkLady Says:
August 18th, 2009 at 7:17 pm
Well isn’t the American Dream about the bigger, the better. I mean, don’t we all want a bigger house, a bigger car, a bigger meal? And how do you acquire such things? Simple: You enter the rat race and work at a job you hate but that pays well for 30+ years and come to truly enjoy life when you retire, old and decrepit, but perhaps rich?… Thanks but no thanks, I’d rather not live life like that. And no, life’s not supposed to be easy. In fact, hard work is not a bad thing, you just have to like it.
I only wish I had realized this sooner…
Salt Says:
August 22nd, 2009 at 4:43 pm
People struggle to hard for stupid unneeded things. Like you said always thinking bigger is better. I’m fine with the little things and i’ll be even better without all the debt
Shameika Says:
August 29th, 2009 at 3:55 pm
My biggest problem with the American Nightmare is school and it’s loans. As soon as u graduate, the companies start harassing your for money, but how can you pay them, in this economy when a recent grad cant get a job, and your parents have more than one child. COnfusing
IgorVinski-moscow Says:
April 10th, 2010 at 1:42 pm
Ohh, IN RUSSIA ALL Too…. IN GOD WE TRUST