Roman_Fiddler

Personal Responsibility and the Housing Bubble

"Individuals need to learn to live within their means going forward. Placing the blame on a television show is an insult to ones intelligence."

100% agree, but sadly, there are some pretty silly people out there...

And not just silly too, but uneducated in this area. I guess many of us would not be interested in hearing about mortgages and savings and interest and similar if it were taught to us as 15-year-olds in school, but it really would be beneficial for most people to at least get a little history lesson.....

When I bought my first home, I had no idea interest rates in my country had ever been as high as 18%, and was astounded. I had no idea that 10% down was really a pretty small down-payment - it was what all my peers were doing. Yes, we should be more responsible, definitely, but I think a few of the meatier facts should be provided as part of our education too. I will certainly be passing on some facts to my kids before they take the plunge and buy their first home, whether they are watching silly HGTV or just fantasizing about their dream home as they walk down a nice street.