Word: stan
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Dates: during 1980-1989
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...wanted something you would build up your savings, usually for a down payment, then go into debt for the rest. But exploding inflation has changed all that. Whereas their parents took ten years to furnish their homes, today's young people do it in two weeks." Adds Stan Benson, a Los Angeles consumer credit counselor: "It is not unusual to see a 26-year-old come in here already $10,000 to $12,000 in debt, with an average take-home pay of $1,000 a month, and owing that amount to ten or 15 creditors...