I don't think its the "I can do whatever I want" mentality as much as the "I want it NOW" mentality.  Although some folks find themselves in the subprime market due to financial difficulties with health or job loss, the vast, vast majority are there because of their credit problems.  Most are not there through no fault of their own.

Most are due to credit cards and overindulgence.  I have to have it now and I don't have the money for it so I'll finance it--I can make the payments.  No one looks at the total cost of items anymore, they only look at what the payment will be.  Watch the commercials, buy now-pay later, no money down, low monthly payment. 

Then mortgage brokers got in the act.  Why live in an apartment--be a home owner!  Of course, its a mobile home and will depreciate faster than you car, but hey, you can make the monthly payments!  For those in those mobile homes or starter homes, why live there when you can live in the gated subdivision with "amenities"!  Yea, amenities!  You can have a $300,000 house if you do an interest only loan or a ballon, you'll have payments of only $500 per month. 

And now that you are in that home, we'll finance your new furniture, you can't bring your old ratty stuff in your nice new fancy home.  And the neighbors have a jet ski AND a boat, but guess what, we can make those monthly payments, its only $150 per month.  And a swimming pool, don't forget that--guess what, you can finance it--no money down and only $99 per month. 

And the neighbor's kids are in gymnastics on Monday, karate on Tuesday, and dance on Thursday and they play ball on Saturday and of course your kids want to do that too and since it's more cost efficient to car-pool and take turns, you need a new SUV to haul them all.  Don't worry, I know you're upside down on your current car, but we'll pay it off, no matter what you owe!  And you can even finance it for 7 WHOLE YEARS!

And if you're short one week--no problem, you can get a cash advance on your check for a small fee of 1000% interest. 

And now you have everything you need to be "successful".  You have it all!!  But since you're working 90 hours per week to pay for it and you're eating every meal at McDonalds cause you're always running the kids to some activity (from which their psychy will surely be stunted if denied), you die of a heart attack at 40 and you lucky SOB, the funeral home had 90 days same as cash!

 

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