Most people do not own their own homes.

You are right!

For what I've seen most people in Mexico either rent or they actually own their house. If they are buying a new house they can get a credit, and they will pay from 10 to 20 years to actually own it.

In Mexico there is a very big store called Elektra, they are famous for selling many things using credit: refrigerators, stoves, motorcycles, furniture, electronics, game consoles, etc. The payments are weekly but low, ranging from 20 to 200 pesos (1 dollar to 10 dollars). Of course, you end up paying more and when you finally finish paying, the thing that you bought breaks or stops working properly and you'll have to start the progress again...

A lot of people can't keep up with the payments, and they start accumulating debts, then they are bothered weekly by people hired by the store that wants them to pay.

So they really don't own their things.

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