Paulie
Diamond Member
- May 19, 2007
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mmmmmm...did you listen to the bit on NPR? IMO, the culprit is mainly greed within the IMF...not saying that everyone involved doesn't share it, but if it affects me, I'm not blaming joe podunk for taking an offered loan.
That's obviously where you and I differ, then. There's no excuse for accepting an interest bearing loan merely because it was offered to you.
Just because credit cards, for instance, are sent "pre-approved" to you, does not mean you should feel automatically compelled to take on more debt because they're being offered to you.
When you sign an interest bearing loan, you are responsible for that decision. Personally, I think a person should scrutinze and consider all possibilities of good or bad times, within the next, say, 10 years of their life, before they EVER give thought to signing their name. The pros ought to outweigh the cons, of course. You should be able to afford even extra payments on your mortgage at times, so you can combat the interest, and minimize your loss. That is actually one of the BIGGEST. If you can't do that, or can't at least see enough money in the budget to even CONSIDER it, then you probably shouldn't be accepting a mortgage yet, regardless of if you qualified and were "offered" it.
This is, of course, my opinion.