So many people buy toys on credit and file bankruptcy?

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I feel bad for people trying to make ends meat to save their home. But some of these Americans put all their toys on credit (boats, spa’s, nice cars, etc..) Taking out mortgages from their home loan, without having the means to pay it back, now they have to file bankruptcy. Is this why there are so many problems with the economy. People living out of their means? I always pay cash, except the house.

Help me understand!!

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