It is beyond me how this couple did not know with an income of less than $30K that they could NOT afford a $335K house. http://abcnews.go.com/Video/playerIndex?id=4585739
I just do not get it.... (Stepping on Soap Box now) Why do/did so many prople JUST SIGN their names on a LOAN when why REALLY KNEW they could NOT PAY for IT? ("It" being a house, car, boat whatever)? Why? Just because you -can- sign for something does NOT mean you SHOULD. Were lenders/banks holding a gun to their heads? Were they just too tempted? With talk like "how low does your payment need to be"? People need to resist, learn to limit yourself, just say no... "I'll pass , maybe next time." Last night on the new it was reported that the AVERAGE family has something like $1600.00 in CC interest fees each year. Hello people, $1600 average, that means that because I have ZERO someone else has $3200.00 in yearly interest fees or more? What the H#LL?!?!? With $1600 or $3200 extra dollars I could ???!?!??! Do a ton of stuff. But I would SAVE most of it! (Rant over). Thank you for your time.
Another morning rant! This is very frustrating to me. I saw how someone in NC was fighting foreclosure. They signed an adjustable rate mortgage contract, and both husband and wife each had cars no more than 2 years old. The home looked to be nicely decorated. According to the news clip, this couple purchased a new car every year! Well, DON’T DO IT IF YOU CAN’T AFFORD IT!!!!!!! I withhold many luxuries just so that doesn't happen. I buy a home I know that I can afford without being "house poor". Am I really expected to feel sorry for these people? The part that gets me is....why should my taxes help bail them out, or even be considered as an option?!? We all read the same contracts and face the same choices (not exactly, obviously). Why when I live within my means and make sure of it, should I help pay for someone else who "chose" a different road? A road, IMO, of ignorance and "wishful" thinking. Deal with the consequences of your choices and actions. Even my children know this reality of life.
Also, can't make people take personal responsibility for their own actions. Unfortunately in today's world, that's something that is a rarity!
You are either very rich or do not own a car or a house. While a noble quest, the attitude of "pay cash or don't buy" is unrealistic at best. Yes, you could get away with renting for your whole life, but with an average rent of $800/mo, you will be spending over a quarter of a million dollars after thirty years and, in the end, have nothing but more rent payments to look forward to.
I mean for regular purchases. We do have 1 mortgage and 1 car payment, but that's it...and we own 3 cars and a Harley, etc. I'll probably always have a mortgage of some type to get the tax benefits from it. I thinks it's ridiculous that people have credit card debt, etc. that's what I meant by paying cash or don't buy.:lol: I just don't understand why people live beyond their means and then blame the gov. for their bad choices??
preach on girl! we have one car payment (my Escape which will be paid off in a year)) and two mortgages (one here one beach) and we own 2 trucks, a 4 wheeler, a Mustang, and a 21ft boat. we pay cash for all things. carry no credit cards.
We do have AMEX cards for business reasons, but they are paid off every month. DH travels quite a bit for work, so he uses his, but I never travel for work anymore, so I don't use mine. Girl, My car is almost 3 and I'm trying to pay it off by this time next year...
