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Reply to "Upper and UMC Ppl: Do you Actually Know Anyone Living Beyond their Means?"
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[quote=Anonymous]I know plenty of UMC people who are living on the edge. People usually just don't talk about it, plus, they typically have the assets and clout to juggle debt/accounts when things get tough. I know a few family who belong to a country club, kids dressed to the nines, and their house has almost been foreclosed on at least 2x. They just got a renter and then they can't be foreclosed on and in the meantime got current on their mortgage. Also have a beach house they could sell in a pinch. Other friends have used 400K in HELOC to buy other house and spend tons of money on travel and clothes. It's pretty common in places like Bethesda and McLean where people are always keeping up with the Joneses. Have had other friends have to move to Florida because they went bankrupt here. There's plenty of it, but UMC people have more options and cushion and typically can get family to help if need be. [/quote]
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