12.30.2007

W.C. Varones Blog's 2007 Man of the Year: the American Consumer

He's stubborn, stupid, and suicidal as a lemming.

It's not just houses. Joe Six-pack has found a way to get into house-sized debt on a car:

When Jennifer and Bobby Post traded in their 2001 Chevy Suburban last year for a shiny new Ford F-350 turbo diesel with an extended cab, it seemed like a great deal. Even though they still owed $9,500 on their SUV after the trade-in value, they didn't have to put a penny down.

The dealership, near the Posts' home in Victorville, made it easy; it just added the old debt to the price of the new truck and gave the couple a seven-year, $44,276 loan.

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Happy Super Tuesday!