The Whole Truth?
I have a friend that unexpectedly lost her high-paying, high profile job in October, 2008. Given that she was the major bread winner in the family and he was self-employed with little to no income, friends and family were extremely concerned for their well-being and offers of financial assistance poured in. Soon afterwards, it was revealed that she and her husband had a mortgage in excess of $300,000 and she had credit card debt in excess on $60,000, plus loans for a car and motorcycle. I realize that everyone gets in over their head from time to time, but would like to believe that most of us would see this unfortunate turn of events as a sign that perhaps we need to reevaluate our spending habits and maybe make cutbacks to our existing lifestyles – particularly in light of the economy. Such has not been the case. She (not her husband) has taken no less than 5 vacations within the last 9 months and I’m not talking about mini-weekend getaways. I’m talking full-fledged Caribbean an...