Originally Posted by Beastmaster
The banks shouldn't have given out loans to people who couldn't afford them. They are supposed to be the professionals in the equation
It is your
responsibility to live within your means.
Placing the blame on the banks is moronic to say the least. Just because they're willing to let you buy a million dollar home when you make 80k a year doesn't mean you should buy a million dollar home.
I just bought a house about a month ago. When I was looking into buying a house, I started with high expectations because I knew I could afford the payment. But could I have afforded what I began looking at? Hell no. Once I had kids, car payments and all that, I'd be under water. Or at the minimum not be able to put money away, or have money for that rainy day. So what did I do, stepped back and reevaluated my thinking. I lowered the price of the houses I was looking at, and started crunching numbers on every house I looked at - to make sure that I could comfortably pay for the house, and have a good portion of my money left over to put in the bank for when I do have kids, or want that sweet ass car, or the dreadful rainy day. <----- That is me taking responsibility for my actions, and making wise decisions.
For those who had jobs and lost their jobs, and had a hard time getting a job that payed the bills for the life they were accustomed to - I feel for them, and am truly sorry for their misfortune. But for those who like to gamble and live beyond their means - I have no sympathy.