According to http://www.abiworld.org/statcharts/HouseRank.htm Utah leads the nation in personal bankruptcies.

Who is at fault here? Clearly the Satan-inspired TV show MTV Cribs. For those not in the know, a “crib” in today’s gansta parlance is (according to wikipedia.org) one’s living space, that is, their home or apartment.

MTV Cribs features a number of African-American role models like rap stars and professional athletes who are living life large. Through MTV, we get an inside view to their pimped out cribs. Typical features include massive square footage, huge screen TVs and fully stocked game rooms. No self-respecting conspicuous consumer would be livin’ without a fleet of sweet rides. Pulled out in front of these cribs are low-riding SUVs with large silvery rims and LCD monitors in headrests, some sort of sports car (Mercedes / Porsche) and a Harley or bullet bike.

There are two types of people in this world: those who watch MTV Cribs and those who watch MTV Cribs but say they don’t. It’s nearly impossible to watch the opulence and luxury and not wonder how life would be big pimpin’ style.

Enter typical Utahan. The three year average median income for Utah from 2000 to 2002 is $48,537.00 with a 90% confidence interval of +/- $1520.00 (according to http://www.census.gov/prod/2003pubs/p60-221.pdf (page 18))

That’s not very much income. Add on the monthly new car payments and the required wardrobe and vacations and you’re very much overspent.

Solution: get a bunch of credit cards, withdraw cash, and put a 30k down payment on a house. Then declare bankruptcy. Current bankruptcy laws allow for a homestead exemption of up to 30k (depends on the state.) Instant 30k equity!

Now just sign up for a few interest only loans and as the market goes up, your equity does too!

Also, you should hope that the market doesn’t go down and the interest rates go up. Then you’re in a tight spot Delmar. Also, new bankruptcy laws make filing much more difficult.

Oh, well, it was good while it lasted, eh? Thanks MTV!