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return2ozma@lemmy.world to Ask Lemmy@lemmy.world · 5 months ago

Why do Americans pretend they're not broke when most Americans are in debt?

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Why do Americans pretend they're not broke when most Americans are in debt?

return2ozma@lemmy.world to Ask Lemmy@lemmy.world · 5 months ago
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  • Perspectivist@feddit.uk
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    5 months ago

    Being in debt isn’t synonymous with being broke.

    I could pay off my house tomorrow if I wanted, but financially it doesn’t make sense - so I keep the debt. That doesn’t mean my net worth is negative or that I don’t have disposable income.

    • logos@sh.itjust.works
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      5 months ago

      I could pay off my house tomorrow…

      That’s not what being in debt is

      • Perspectivist@feddit.uk
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        5 months ago

        Is it not debt when you owe money to the bank?

        • logos@sh.itjust.works
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          5 months ago

          https://www.moneymanagement.org/blog/what-does-it-mean-to-be-in-debt

          • Perspectivist@feddit.uk
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            5 months ago

            https://www.merriam-webster.com/dictionary/debt

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