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The way I read the article and you may hyave read it differently is the down turn in the economy came first the debt colectors came second.
Maybe. But she speaks of extravagent renovations (confusing as she mixes do it yourself jobs with hired help ones) and extravagent birthday parties. I doubt she would have been doing those had her work been reduced already. Its actually not a very well written article.
In any case, it does not matter. People and governments have this insane habit of spending when times are good rather than controlling themselves and preparing for rainy days.
Paying for a house in cash is not possible for most people which is why the mortgage exists. And its actually better to have a mortgage that last forever rather than paying cash or paying off your mortgage. I realize that seems counter intuitive, if not insane, but its true in most cases. Of course its predicated on someone being fiscally prudent, which again she was not.
Yes, everyone has too much debt. That is why its a good idea- and this is really the key here- to refrain from adding to it.
You may want to read the article, the author is losing her house after a downturn in business. It's a first-person take on the foreclosure crisis.
EVERY foreclosure is a personal tale. No one wants to lose thier home. However, one should not buy a house that one cannot afford. This involves planning for contingencies, should the breadwinner lose his/her job.
I know many people who make one tenth what I make who have a comparable home. Things can be pretty tight in this situation.
Live within your means. If you can't pay a loan, don't buy the house. I would bet quite a bit that this same family took many expensive trips along the way and had some pretty nice cars- the cash for all of them could have been used to pay off the mortgage early.
For every problem there is a solution which is simple, obvious, and wrong - Albert Einstein
Where are you going to live rent-free?
Well I've put in about 8 years rent free now and I'm keeping my moth shut as to how I did it. That said Those kids that are failing to lanch. Well if their parents charged them rent. and saved the money for them. well in 10 years there would be enough for a modest house.
May you never lose your job or other source of income. You get a 30 year mortgage. The lender loans you the money assuming you will be able to pay the payments for 30 years. If the unforseen happens, it's your bad luck, but it doesn't necessarily mean you were living beyond your means.
May you never lose your job or other source of income. You get a 30 year mortgage. The lender loans you the money assuming you will be able to pay the payments for 30 years. If the unforseen happens, it's your bad luck, but it doesn't necessarily mean you were living beyond your means.
With the debt bubble we have going now about 1 person in two out there is going to loose their job. And the rate of pay isn't going to be what it was. (50% unemployment) That is because everyone together has been living beyond their means. The entire country. All of us. All of the US.
Now we need to start living inside of our means. We need to do it now.
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Me either!
