Debt and Hell November 2, 2006
Posted by spacemom in : Life...otherwise , 3 commentsI saw another blog suggest the book, The Two Income Trap. So I borrowed it from the library.
Wow. That’s about all I could say is wow. (that is taken straight from Lilly’s Purple Plastic Purse)
This book lays out some of the clearest arguments for why American Families are having trouble staying out of debt.
The biggest issue is that women, in the work place, are contributing to the family income (good) BUT families are using the family income to fit all of their FIXED expendetures (ie, housing, cars, food and education)(BAD). If the second income was used solely for savings, people would be better off and less likely to go into debt, however, that is just unrealistic in today’s world.
The authors go over the reasons why this can’t happen for most people: Changes in the banking laws, deregulation of loans, 2 income families pushing up housing costs, increases in educational costs.
It is very scary how they lay out the reality and how I can see many people I know, who have fallen into this trap. The subtitle suggests they have real solutions, but the truth is, they are pipedreams. It would take a lot of overhaul to deal with the changes they suggest.
Sigh…Scary scary stuff. I would honestly advise anyone who is concerned about finances to take a look at this book, if only to help you rebudget to protect yourself.
