Some Consumers Rethink Materialistic Lifestyle

Oct. 26 -- Just four years ago, Jacqueline Wilson and her husband owed over $35,000 on three cars, $11,000 in student loans and $10,000 in credit card debt. That's on top of two mortgages totaling around $200,000.

"I woke up often in the middle of the night, worrying that if I lost my job, we're doomed. If either I or my husband lost our jobs, we'd be doomed," says the 34-year old Delaware-based technical specialist.

Feeling overwhelmed, the Wilsons decided to pay off their bills to get out from under their mounting debt load.

But they didn't just stop there. Growing increasingly disillusioned with marketing messages that encourage non-stop consumption, the couple decided to dramatically scale back their lifestyle.

Jacqueline abandoned her tech consulting work for a steady but lower-paying job with a large company, while her husband left his job to stay home and raise their son. Instead of buying new cars and eating out, the couple now grow their own vegetables, cook meals in, do their own home repairs and even sew some of their clothes.

As a result, most of the couple's debt is now gone and a large chunk of their mortgage has been paid off. And unlike many debt-ridden Americans, Jacqueline is now proud to say that if she lost her job tomorrow, she has enough savings so that her family could live comfortably for a year.

The Wilsons' decision to cut back their consumption is emblematic of many Americans who have become fed up with materialism and are adopting simpler lifestyles, say experts. With the stock market's decline, the collapse of confidence in corporate America and threat of terrorist attacks and impending war looming large on people's minds, experts say many are turning away from consumerism to focus more on family and free time.

Long Hours Not Worth It

For example, the number of Americans who think that working long hours is worth the sacrifice has dropped substantially in the last year and a half, according to a new ABCNEWS.com poll.