Yes it did. Had we bought a house and land or, a nicer house in a more expensive neighborhood, there simply would have been no way to keep making the payment once the hospital bills started coming in.
I agree with the conservative;s on this thread. About everything. I applaud the parents that have the ability and knowledge to prepare their kids for a financial world that will eat them alive with a less then wise decision concerning money. But, I also agree with others in that today's America, with the presence of an illegal immigrant work force, wages that remained stagnant for a long time, and the cost of everything in relation to lower pay rates that this is a far different place for younger people trying to get started. Yes, it is up to everyone of us to make ourselves more valuable in the work force. However, that takes knowledge and knowledge requires an investment of time and money to acquire. So, to expect a young person to be able to come out the door and to save money while paying rent, for a car, for food, insurance that has doubled and tripled since the ACA, etc.... is not being realistic.
Life's always been a marathon. It takes time, hard work, planning, and dedication to get yourself in a position to be able to benefit from your income. Nothing has made that reality untrue today. However the circumstances surrounding that reality is far different in today's world versus 25 years ago. My first loan I took out I made $5 hour. I paid for that car and all my other bills on that. Today, $12 an hour would be a stretch to do the same for young people where I live. In other places, you could double that $12 an hour and still be toeing the line in order to survive. And, I don't know of anywhere that an uneducated, unskilled worker starts at $24 an hour.
