ok, im goin off on a tangent, and this is not aimed at anyone. i’m just jacked at the whole deal because i work hard for what i got. i budget accordingly and do without. yet im by no means destitute. As i bank at least equal to or more what i pay out in bills a month. so my income to debt is good. however, it was not always like that, and i can clearly remember when i was happy if i had 50bucks in checking at the end of the month let alone 5k.
a borrowers fault is one or two people slip by the cracks. banks fault is when thousands slip by. has this country become to much of a pussy to say no? the bank took the gamble and lost. the borrower took the gamble and lost as well, but they just turn around and let the bitch foreclose and file bankruptcy. go live in an apartment for a few years and try again later.
here is how i see it. poor person gets house–makes payments. bank wins as long as they make them. market goes to shit, bank up variable rates–people cant pay, so up some more to try and cover the loss, puts more people under–banks are fucked. ultimately–the banks took the gamble and they were wrong.
so if the banks were smart and realized–hey, joe schmoe w/ a 35k a year income and his wife who makes 28k a year and combined they have 150k in debt from college an personal/car loans they probably should not be getting a mortgage for a 150k house. tell them to get a 50k house…
same token, the couple who combined have 70k yr jobs, owe a solid 80k in student loan-- should not be going out buying 40k cars, racking up another 20k on your credit cards, etc etc.
in the end, no one take responsibility for anything–thats what pisses me off. i’ve had my share of debt, and have busted my ass to pay it off. If that meant working 60 hours, doing without, or just straight up hustling-- you do it. i have driven my fair share of pieces of shit for daily drivers until i could afford something nice-- and even on the nice cars i get them broke, fix them and generally sell them… even my “race” parts are paid w/ side money. if i wanna play, gotta earn the money on the side, Bills and play toys should never get mixed.
yet no one seems to live in reality. everyone wants to live in dream land–which is out of their budgets. nothing is given to you n this life. you need to work for it. sometime you catch breaks–run with it. but don’t expect anything and there will be no disappointments.
I agree. I went a lot of years without going out to dinner more than once every 2 months and driving shitty cars(hell, I still drive shitty cars). I know how it feels to struggle also.
I got approved for a $150k house when I applied 5 years ago. I ended up spending around 65k for my house. I just started a new job and didn’t know what was going to happen. I am not saying I will never have a big mortgage, but you have to be smart about it.
Hell, I could get a job at target and pay the majority of my bills. People that make 50k/year and buy a 200k house are fucking stupid and I could care less if they lose their house.