Taxpayers: Furious over homeowner bailouts

[bookworm_020]

Originally Posted by -SWCowboy.

I thank God every day my parents didn't spoil me into thinking money can buy you happiness, because these days it doesn't mean crap to me.

The average American has 8 credit cards and owes at least 20k on them altogether (from what I've heard). Me, I only have 1, and it's usually kept low unless I need it for emergencies. My part of town is in between a really ritzy suburb of Jacksonville and the country, and these yuppies who live out here drive around in their big old SUVs or Mercedes-Benz/BMW's like there isn't enough luxury to go around. Their homes were worth 300k+ and a lot of them are moaning because they're seeing foreclosures pop up all around.

It really makes me sick ... all the greed some of these people have...

I agree with you SWcowboy, here in Australia it is scary how much people have on their credit cards (One bloke admitted that he had over $40,000 on credit cards!)

I have one credit card with around $3,000 owing (and it's coming down!) My wife and I have a home loan just over $300,000 and we are paying it off faster than we need to. We live within our means but we're not scrimping, We also have some savings as well (you never know when a rainy day will hit!).

I think the downturn and credit issues will be a good thing in the long run. It will teach many to be more responsible with there money and avoid excess debt. I just hope that the people who cause these problems to begin with relize that they won't be bailed out everytime this happens.

[XabbaRus]

Well here we don't have bailout plans per se like the one Neal wrote about. Banks have agreed not to start repossesion proceedings till 3 months after missed payments to allow homeowners to reach an agreement with their banks. You'll only get help with the mortgage if you lose your job or you have a major drop in family income.

However I think it is time for people to just stop and get real. If you have can't buy it then don't, wait until you have saved up. By that time you can get better for the same price.