Once upon a time in America.
Families had a healthy fear of banks.
Car loans were uncommon, and easy credit was non-existent.
Debt was a dirty word, and a second mortgage was an indication of financial distress.
Fast forward to the twenty-first century.
Most Americans carry more debt than savings.
The average couple has little or no money set aside for retirement.
The have it all, have it now mantra is propped up by easy credit, long-term financing, and no-down-payment mortgages.
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