Its sad but the consumers are mostly to blame. If I took out an interest only loan to buy a home or an adjustable rate mortgage I would have KNOWN that the interest rate would be subject to rise. Hence why should I be surprised when it actually does rise and I get forclosed?
Once again people blatently living outside thier means.
My wife and I are both 35 years old. I am a successful Systems Analyst for 11 years now with a BS in Computer Info Systems and Mrs Blue graduated with a BS in business and most recently works as High school business teacher.
Neither of us have ever owned a new car.
We built our first home while in college - I was making $10.30 an hour and she was waiting tables.
My point is there are alot of people in this world who use credit waaaayy too much. If you don't have the money now what makes you think you'll have it in the future? It makes no sense to me.
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1994 Wellcraft V21
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