A calm Tuesday in the Midwest. My kind of day, that's for sure.
Well, calm for me anyway. Seems the boys at my school were riled up and no one knew why. So many were making such poor choices and I don't even think they could verbalize why.
I wonder if that is the problem with so many folks who are unwise with money. Can they verbalize why?
It is interesting hearing this one couple justify buying a new vehicle last week. Both felt they had to buy a new vehicle because the youngest will be driving next year. She said that they got a great deal and $3,000 cash back which just about made up for what they owed on the other one?!?
Their family isn't the only one I knew who trades vehicles while still owing money. It's one thing if you have an accident and you owed money and had to replace the car, but to go out and buy another when you didn't have the original one paid off.
I'm not nosy enough to ask, but I wonder how many cars these folks never paid off and rolled over. Maybe I really don't want to know.
Rolling over debt from one car to the next is a great way to big a very deep hole of debt.
The old balance is rolled over to the new balance, which when traded in is rolled over to the new vehicle...and the cycle begins!
When I was growing up, my father traded in just about every year. Oh, did I mention, we were dirt poor? But we always had a new car.