dealfinder500

Dollar Goes Down Along with Bailout Plan

It's hard to say, but if I had to give a percentage, I'd say probably 10-15% of the people I work with just had a rough time and it really wasn't their fault. But the majority it's because they've made so many bad decisions. These people just don't realize that a student loan is something you don't put off. It'd be so much better to go without cable, or the fancy cell phone with all the bells and whistles, then to have those and have 25% of your wages garnished, your taxes taken, and possibly (if it's a large debt) have your property subrogated.

When I questioned one person about their mortgage payment (more than 1/2 their income), they told me that they deserved such a nice house, after all they've been through. Another person had 3 car payments ranging from 500-800, and they deserved them because they worked hard at their job. Ironically, that person made monthly bonuses the year before and the first couple months of this year, and just one of those bonuses was enough to pay off the entire debt. But, surprise, surprise!! They spent it on vacations and such. Didn't save a penny of it. Now they are out of work. Guess they must not have worked that hard, huh? :-)

So yeah, most people put themselves in that type of situation because of their own poor choices.

Dollar Goes Down Along with Bailout Plan

Well said Curbs-In. I work in the debt industry and I talk to idiots all the time who have huge mortgages, multiple car payments, large luxury item bills, and then tell me I'm taking food of their table when I tell them they have to pay $xx for their defaulted student loan in order for them to avoid wage garnishment. The major problem I see is that people just will not deny themselves any type of pleasure - if they want it, they go buy it. The average family that I see will have an income of around $3k a month. They spend around $1200 of that for a mortgage. They have two $350+ car payments. They spend $150+ for cell phones, and another $150+ for television and internet. They'll spend $500 for groceries. Very few (less than 1%) have any kind of savings.They think it's more important to keep their cable bill current than their school loan. They have their priorities completely screwed up and no desire to change.

These people should loose their homes if they can't pay. And the government shouldn't bail them out. Last year I almost got a mortgage. I have been wanting my own home for a long time. I got pre-approved, and could have gotten a nice house. But I didn't. Why? Because as much as I hated to admit it, I couldn't really afford at the time. So currently I'm living with my parents and saving up every penny I can. And then when I get enough saved up, I'll go and put a 20% down payment on a house. Personally, I think that every home buyer should be required to put at least 10% at a bare minimum down on a house. If you can't save that up, then you aren't ready to own a home.

I'm all for helping out the unfortunate family who's been paying their bills regularly for years, then suddenly the husband looses his job and after months of not being able to find a job they can't make ends meet. (there's a difference between being not able and not willing - and working at McDonald's could at least be a temporary thing. Might even teach you a little humility). People like that should be helped. But those who took a loan much higher than their means, and got all the extras, I say repo the house and the boat and the cars. Make them go rent. The taxpayer shouldn't have to help someone who doesn't even want to help themselves.