Some salutary stories from Bathtub Tom up there. It seems incredible to me that people in or near retirement should spend a sizeable chunk of their irreplaceable assets on a new car when they have outstanding mortgage debt. The mortgage represents the roof over your head, a most basic essential, and mortgages don’t go away if you can’t afford them. Unfortunately the house does. A car, especially a new one, is a rapidly depreciating asset. OK, we are all different but when penury is a realistic possibility one would hope that a little foresight would apply.
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