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I have watched people rack-up huge balances on their credit cards, buy homes with mortgages they can't afford, and drive luxury cars they had no business driving. It's all about impressing others and keeping up with the "Jones". I have a B.A and M.A. degree, and have had secure employment for 25 years, and cannot afford some of the things these people have "bought". Some of these people I know personally, so I know they have over extended themselves. It's difficult for me to feel sorry for them when they cannot make their payments, yet continue to "charge it" on luxury items and their "wants" rather than their "needs". One person I know even had thousands of dollars dismissed from their charge card balance a few years ago, since they told the company they may have to go bankrupt. The credit card company cut their balance considerably by thousands!! (I guess the company would get nothing if they had gone bankrupt, vs. getting some money from them??). I couldn't believe it! This really bothers me because I am a responsible, conservative consumer, and sometimes go without, while knowing they are visiting cocktail hours, dining out, and shopping like there is no tomorrow. When I buy, I pay all of my bills, and pay them on time. When people "buy" irresponsibly, we all end up paying their debt in some way. I live in southern CA, where the housing market was growing beyond belief for the past several years...I knew something had to give at some point. People were even paying more than the asking price of homes and were on waiting lists as the homes were being built. Yes, the mortgage companies are also to blame, and shouldn't be bailed out...they need a good slap on the hand, should be put in time-out for a while! They were giving people mortgages way beyond what buyers could possibly afford (but they have been qualifying people for loans for so much more than they could afford for many years...it just snowball out of control in the past 4 or so years!).
By Jackie
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