EXPERIAN COMPILED DATA ON ITS
HUNDREDS OF MILLIONS OF CONSUMERS AND THEY FOUND THAT
THE AVERAGE AMERICAN ACTUALLY DIES WITH $62,000 IN DEBT. THE
NUMBERS ARE DEVASTATING. I THOUGHT THE STORY WAS TELLING
AND IMPORTANT. IT REALLY GIVES YOU A SENSE OF HOW THE AMERICAN
DREAM IS SO OUT OF REACH FOR SO MANY PEOPLE. THIS NOTION THAT IF
YOU WORK HARD ENOUGH AND YOU HAVE A GOOD JOB, ONE DAY YOU
WILL OWN A HOME. BUT A LOT OF PEOPLE DIE NOT EVEN PAYING OFF THEIR HOMES. YOU NEVER REALLY
OWN AT HOME AND I THINK THAT IS SO INTERESTING AND DEVASTATING.>>THIS WHOLE OBSESSION AMERICA
HAS WITH HOME OWNERSHIP IS PREPOSTEROUS. EVEN IF YOU PAY OFF THE MORTGAGE
YOU STILL HAVE TO PAY TAXES. AND IF YOU DON’T PAY TAXES EVERY
YEAR, THEY WILL TAKE YOUR HOME AWAY.>>HERE IS THE THING, FOR A LONG
TIME ñ FOR ME BACK IN THE DAY IT WAS ABOUT I WANT TO WORK HARD
AND I WANT TO OWN A BIG HOME AND IT WAS MORE ABOUT WANTING THE LUXURY. BUT NOW AT LEAST FOR ME
MY PERCEPTION HAS CHANGED. NOW SINCE I AM RENTING AND PROBABLY
WILL FOR A LONG TIME AND YOU SEE HOW RENT PRICES GO UP SO
RAPIDLY, HOMEOWNERSHIP IS MORE ABOUT STABILITY AT THIS POINT. KNOWING THAT YOU WILL HAVE TO WORRY ABOUT YOUR RENT GOING UP $300 OUT OF NOWHERE. I’M LUCKY,
I AM IN A RENT-CONTROLLED BUILDING, BUT A LOT OF PEOPLE ARE NOT.>>THERE ARE UPSIDES AND
DOWNSIDES TO THIS STORY. IF YOU DIE THEY CAN
RECLAIM THE DEBT BY TAKING HER HOME. ON THE OTHER HAND IF THEY
HAVE NOTHING TO RECLAIM AND YOU DIE, SAD DAY FOR THEM YOU GOT
ONE OVER THEM.>>BUT MOST PEOPLE DON’T BENEFIT
FROM THAT. MOST PEOPLE DO HAVE AN ESTATE AND A FAMILY. THOSE
CREDITORS GO AFTER WHAT LITTLE YOU HAVE LEFT FOR YOUR FAMILY. THAT IS A NIGHTMARE AND A DISASTER. BUT I WANT TO BREAK
THINGS DOWN TO GIVE YOU MORE DATA ON WHAT IS HAPPENING WITH AMERICANS. BY THE WAY STUDENT LOANS
WHEREABOUTS ON AVERAGE $27,000.>>I ACTUALLY THINK THE OTHER
DEBT WAS MORE SURPRISING. YEAH, A LOT OF PEOPLE HAVE MORTGAGES
AND PEOPLE DIE BEFORE THEY PAY IT OFF. I AM NOT SHOCKED OR ANNOYED BY THAT?>>BECAUSE YOU DON’T EVER OWN A
HOME. IT IS NEVER YOURS.>>I KNOW, WE ALL DIE AND WE
NEVER OWN ANYTHING. WE ARE ALL RENTING EVERYTHING WE HAVE. YOU
ARE NOT GOING TO OWN THESE CLOSE, YOUR CAR, OR ANYTHING
WHEN YOU DIE. LET IT GO. EVERYONE IS SO OBSESSED
WITH OWNERSHIP.>>BUT OWNING A HOME OR PROPERTY
IS IMPORTANT FOR MANY PEOPLE BECAUSE HE PASSED THAT DOWN TO YOUR FAMILY.>>NOBODY DOES THAT ANYMORE. OF
COURSE SOME DO BUT IT’S A REALLY OLD SCHOOL TRADITIONAL WAY OF THINKING.>>I THINK YOUR PERCEPTION
FROM YOUR BUBBLE ñ I’M JUST KEEPING IT REAL.>>
I THINK IT’S FROM YOUR BUBBLE. YOU ARE SO OBSESSED WITH
HOMEOWNERSHIP.>>I AM UPSET WITH THE IDEA OF
PEOPLE FEELING COMFORTABLE ñ I DON’T KNOW HOW TO EXPLAIN IT. THERE IS A LOT OF PRIDE THAT PEOPLE HAVE KNOWING THAT WHEN THEY PASS THEIR FAMILIES WILL
BE TAKEN CARE OF. I THINK A LOT OF PEOPLE
THINK THAT WAY.>>I THINK WHEN WE ARE IN A
SITUATION THAT IS SO DISASTROUS PEOPLE FEEL THAT AT LEAST THEY GOT ONE OVER ON PEOPLE IF THEY
DIE WITH DEBT. LET ME BREAK IT DOWN, YES IF YOU HAVE A HOME
THEY CAN TAKE IT FROM YOUR FAMILY WHEN YOU DIE IF YOU HAVE DEBT. IF THEY KEEP PAYING THE
MORTGAGE, THEY WILL BE OKAY. BUT IF THEY CAN’T THEY WILL TAKE THE HOME, THAT IS DISASTROUS. BUT IF
YOU DIE WITH A LOT OF DEBT AND THERE IS NOTHING TO TAKE, SAD
DAY FOR THE CREDIT CARD COMPANIES. I DON’T WANT YOU TO
STIFF THEM, I THINK IT IS A BAD IDEA BUT I WILL NOT SHED A TEAR
EITHER. AT LEAST THEY CAN’T GO AFTER YOUR FAMILY FOR PERSONAL
STUFF IF YOU HAVE NO ASSETS WHEN YOU DIE. IF YOU WENT OUT IN A
BLAZE OF GLORY, IT’S NOT GOING TO BOTHER YOUR FAMILY MEMBERS IF THERE IS NO ASSETS. BY THE WAY
YOU THINK THEY WON’T CHANGE THAT? SOON THEY WILL TRY TO
CHANGE THAT. THEY ARE ALREADY DOING IT. PRIVATE STUDENT LOANS? THEY SAY OH, I CAN GO AFTER YOUR FAMILY IF YOU HAVEN’T PAID IT. THERE IS NOW SOME STORIES OF A
YOUNG GUY WHO DIES, HIS PARENTS ARE GRIEVING, THEY GO
AFTER THE PARENTS.>>THE MORE YOU TALK THE ANGRIER
I GET. WHY ARE WE LIVING IN A COUNTRY THAT IS LITERALLY THE
WEALTHIEST COUNTRY IN THE WORLD, AND PEOPLE CAN’T LIVE. THEY ARE
NOT MAKING ENOUGH MONEY THAT THEY HAVE TO TAKE OUT ALL THESE
LOANS AND LIVE OFF CREDIT CARDS AND SHIT. YOU SHOULD BE ANGRY
ABOUT THIS. I AM FURIOUS.>>I AM. BUT I DON’T THINK IT IS
A BIG A DEAL TO OWN A HOME. I THINK AMERICA OBSESSES ABOUT THAT AND SOMETIMES IT CREATES A
REAL ESTATE BUBBLE. WHICH THEN CRASHES AND THEN THEY HAVE OTHER ISSUES.>>WHY DO YOU HAVE A HOME?>>IS AN ECONOMIC DECISION. I
RENTED FOR A LONG TIME. IF I THINK IT IS MAKING MORE SENSE
ECONOMICALLY TO RENT AND I WILL GO BACK. IT’S NOT A THINGS
THAT IS A BENEFIT. DO YOU KNOW WHO OWNS MY HOME? I DON’T OWN IT, THE BANK DOES. I’M NEVER
GOING TO PAY OFF THAT MORTGAGE, WE LIVE IN LA. WHO GIVES A SHIT. THAT IS WHERE YOU AND I DISAGREE. WE ARE TOLD EVERY DAY
TO OWN A HOME. IF YOU DON’T OWN A HOME YOU ARE SHIT. WHO GIVES A FUCK, RENT OR OWN DEPEND ON
WHAT YOUR ECONOMIC SITUATION IS. THAT WAS A WEIRD DEBATE.>>I DIDN’T SEE IT COMING. BUT I
DO WANT TO OWN A HOME ONE DAY.