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Joe is 32 years old, handsome and muscular, in his second marriage and burdened by an overly abundant stack of monthly payments. His wife is a stay-at-home mother of two who hopes to complete graduate school.
They live in what they consider an embarrassingly small, 700-square-foot, run-down house, but they both make up for the lower-class image away from home by driving two late-model cars with payments of $400 and $500 a month. Joe also pays $550 in monthly support for a child from his first marriage.
Sound familiar? Joe is a consumer debt addict, and his story is just one example of America's growing debt tragedy. It is repeated in different forms many millions of times in the world's wealthier economies. Many of these people don't see it now, but there is a way out.
Joe's story of debt started when he graduated at age 23 with a $40,000 college loan, which is still unpaid. He recently signed a loan for a newer Harley-Davidson motorcycle because his old bike was "too bumpy." And so he took on $3,700 more debt.
Joe says he needs a better bike so he can get away by himself for an eight-day trip (which he'll finance using his credit cards). He says he needs to clear his mind so that he can come back to tackle his burden of debt, his challenged marriage and his career, which seems like it's going nowhere even though he works 16 hours a day.
Joe senses a need for change. He wants to escape from his bondage of debt, and so he is taking on $6,000 more debt (including lost wages) for his trip. He thinks this next debt-financed experience will help him successfully deal with his already overwhelmed life.
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