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mbrand2222 wrote:Shri, I agree. Just within my own little circle of family and friends there have been at least 4 people who have filed for bankruptsy. Who do they think gets stuck paying off their debts? Do they think they just go up in smoke never to be heard about again? I know times are tough, but people don't want and /or aren't willing to change their lifestyles to reflect the tough times. And I'm not just pointing fingers at others......I can't get my own husband to understand the depth of the problems our economy has only begun to feel. When you see ONE bank being rescued by the feds for a cool 85 billion dollars, you better believe there's a problem. We, as a nation, are not being responsible and I think our founders would flip in their graves if they knew the mess we were in.
mbrand2222 wrote:I think someone needs to take responsibility for it. They had to KNOW that people with no down payments were USUALLY people who over-spent or just couldn't save. ( I actually took a mortgage with no down payment, but I used my savings to update the house and I never used more than 20% of my income as a monthly payment.) They had to see it coming and just had immediate monetary gratification in mind when they created these type of loans....or allowed them to be created. I don't know what the answer is, but I do know it's time to start pinching pennies even if it doesn't seem like it right now, because our personal financial status' could change as quickly as you can say, "Sorry, but I have to close the business today." I just say a lot of prayers and try to keep a good attitude. I should probably quit talking about it because it gets me down. I guess I just want people to realize what's happening, prepare for the worst and hope for the best.
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