Reply #4: Credit card living and lowered wages have ruined many people

[SoCalDem]

There IS a tipping point, when a family's income is so "leveraged", that even a minor car repair, or illness can send them spiraling off the deep end.

We have NO car payment, affordable company-backed medical insurance, NO credit card debt, and are paid ahead on all of our utility bills, but if my husband lost his job, we would be SCREWED..and we are NOT alone.

My friend's daughter's family is a prime example of what's going on ALL OVER..

She takes home $1650 a month, her husband tales home about $2500 a month, and they are drowning in debt.

They both have college debt, they have two car payments, and child care for two kids.. Their RENT if $1450 for a two bedroom apartment..they have NO savings, and are scared to death that one of them (or both) will lose their jobs.. They owe about $9K in credit card debt, and the interest has zoomed on the 3 cards they have.

They've both figured out that they will never be able to buy a house