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Does Your Location Affect How You Feel About Debt?

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  • Does Your Location Affect How You Feel About Debt?

    Just got back from a short "guys trip". Myself and one buddy are rural farm country guys, the other two have spent their whole lives in large metro areas, we are all retired. Without prying I picked up through conversation that the two metro guys are still carrying hefty mortgages and auto loans on their vehicles and toys with no real concern. Myself and the other rural guy are both very "anti debt", live in paid off homes and pay cash for cars, and anything else we buy. Wondering if it is more common for rural folks to be more conservative like this, or if that just happened to be the case of us four guys?

  • #2
    Our camp is in the rural mountains of PA. Depressed economy, and most people are barely scraping by from what I can tell.
    Not sure if they are anti debt, but they are good at being frugal and making due with what resources are available.
    Brian

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    • #3
      I think to some extent that might be true, based on cost of living and income differences. Where I live, homes are so expensive that if you want to own, you're going to have a hefty mortgage most likely. I used to be one who would happily buy toys to add to debt, so I understand that mindset too, though now I understand what an enormous mistake that is. Probably also, in a more metro area, especially if they're high income earners, there's more of a sense of needing to keep up with the Jones's.

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      • #4
        I think in a way this is true for example in a large metro area I live by, people are willing to pay way too much on homes often just because that is the norm.
        Kind of an everyone is doing it and they feel safe that they can recoup the price when they sell. It might be more a keeping up with the Jones mentality from what I have witnessed.

        I am constantly amazed in the area of finances how people either tell people way more then they realize or how some assume things based on outside appearances / what car they drive or area they live.

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        • #5
          Originally posted by Fishindude77 View Post
          Just got back from a short "guys trip". Myself and one buddy are rural farm country guys, the other two have spent their whole lives in large metro areas, we are all retired. Without prying I picked up through conversation that the two metro guys are still carrying hefty mortgages and auto loans on their vehicles and toys with no real concern. Myself and the other rural guy are both very "anti debt", live in paid off homes and pay cash for cars, and anything else we buy. Wondering if it is more common for rural folks to be more conservative like this, or if that just happened to be the case of us four guys?
          Did your country friend own his own business too?

          Did the city guys own their own business?

          Or did the city guys used to work for businesses?

          curious if there is some other factor.

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