quote:
Originally posted by scott2008:
Yes, I agree that it is a bad thing. However, everyone who estabishes a mortgage knows what they are getting themselves into. There is a ton of expert advice available that explicitly tells us not to get an ARM. The problem is people do not want to wait until they can afford a house to buy one. It seems that the norm now is to live pay check to pay check and throw caution to the wind.
We need to be more responsible like our parents and grandparent were. They did not go out and buy three cars, house, swimming pool, country club membership, etc.... if they could not afford it. They saved money, and they understood how hard it was to save this money, so they spent it wisely.
It really ticks me off when I see people going into pawn shops to make payments on their Sony Playstation when they don't have money to pay their rent.
This "I've got to have it right now" mentality has to change or this country is going into the dumper.
You said it! I am amazed at the people I see who live paycheck to paycheck. And I am talking about people who make lots of money. New cars, new bathrooms, new furniture.
It is really sad. but it is a credit card generation and some people even consider debt to be good. they call it leveraging.