See I've always had problems with these things - I loathe living paycheck to paycheck. I used to make $12 / hr, and I saved up over 10k living with roommates, driving a crap car, and eating beans and rice. I've always lived beneath my means and think that anyone who doesn't is being irresponsible. I've heard too many stories about "Everything was fine before the car crash sickness / cancer lost job kid / divorce family crisis
I mean...one of those things happens to everyone at least once every ten years - what's the surprise? So it's irresponsible to live paycheck to paycheck, irresponsible to pay for a house without putting down 20% on equity...now when the house falls 30-40% I see a major problem sure...
Interesting point about the lower credit folks - BUT if they start with high interest and make the payemnts, then they'll be elligible for a good rate if they refinance with their improved credit.
no subject
car crash
sickness / cancer
lost job
kid / divorce
family crisis
I mean...one of those things happens to everyone at least once every ten years - what's the surprise? So it's irresponsible to live paycheck to paycheck, irresponsible to pay for a house without putting down 20% on equity...now when the house falls 30-40% I see a major problem sure...
Interesting point about the lower credit folks - BUT if they start with high interest and make the payemnts, then they'll be elligible for a good rate if they refinance with their improved credit.