Research Paper on:
The Overspent American by Schor

Unformatted Sample Text from the Research Paper:
what the paycheck can buy. They reason that they will pay off a luxury item and put it on a credit card. At an approximate 20% interest rate, such people  often forget to pay it off or see something else they feel they want. Then emergencies crop up. If people are not budgeting or saving, they will not have the  cash to pay for unexpected car or household repairs. Everything goes on the credit card and people become deeper and deeper in debt. Some file for bankruptcy. Others can  go for credit counseling, cut up their cards, create a budget and negotiate for lower rates. There is a way out of the credit mess. Aside from the people who  get into financial trouble, there are many people who can pay their bills, and make the credit card payments comfortably, but continue to buy more and save less. No matter  how much money one earns, it seems that they can afford the finer things in life. Sometimes that is an illusion as one emergency, or loss of a job, can  put an over spender into bankruptcy court. Juliet B. Schor contends, in her book The Overspent American, that overspending is a part of the culture today. It is true  that in America, an annual vacation that might cost thousands of dollars is thought to be a necessity. The automobile-a depreciating asset-is also seen as a necessity and while prices  of these metal monsters grow, their longevity diminishes. Now, with lower leasing payments, people can easily get a new car every three years, but are paying for the most expensive  part of each cars natural life. If a lessee buys the vehicle, they would finish paying it off in about four years and then have it for another six or