Increase in Bad Credit Mortgages: A Sign of We Have Lost Control
April 29th, 2008
If you were in a sport’s store and your three year old begged you to buy her the most expensive pair of figure skates the store had, even though she has never skated a day in her life, would you buy them? Hopefully, your answer is “No”. Unfortunately, many people today are exhibiting this exact type of lack of self-control when it comes to their own personal spending. Whether it be a hundred low cost items or one item that costs several hundred (or even thousand) dollars, the result is the same: More money spent than one has in the bank. Hence an increase in bankruptcy declarations which also leads to an increase in bad credit mortgages. These are all trends that we are experiencing today, and the trend has no end in sight.
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