Mortgages/Bankruptcy
Published 1 year, 5 months ago in Making News.If people didn’t overextend themselves with expensive weddings, the latest and most modern furniture and gadgets, the number of bankrupts would decrease.
Materialism/consumerism has managed to capture most. Check the cars at the plaza on a weekend……people are addicted to spending…..must have.
6 Responses to “Mortgages/Bankruptcy”
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I agree ratticus, gone are the days when you went without until you could afford some luxury. I remember saving my overtime money over 5 weeks to buy a 14″ colour TV set, no way would i have borrowed to pay for one!. I also remember 17.8% mortgage rates on my 14 square house when we were going backwards in what we owed even though we were paying more than required. Now they MUST have at least 40 square houses, a 54″ plasma with surround sound, a fridge with an internet connection, and the car must be no more than 3 years old, a 4WD, and with foglights on all the time to say “Look at me!”
When we bought our house we looked at the block and made a decision that if we ever hit hard times we could sell off the back half of the land to square off the mortgage. It felt very good to have that back-up plan!
Now we are in a very liveable but extremely daggy house - I have actually been wondering - when I visit all the families with plasma screen tvs and beautiful polished floors, professionally landscaped gardens and the latest decor - whether I will look back in 10 years and wish I had increased the mortgage to have a more up to date house now, rather than waiting ’til we can afford it.
But having a manageable debt for us late enterers to the property market is the best luxury you can hope for!
What, I wonder, are the implications of your frugal suggestions on the national economy ratticus?
fossil, the implications for the national economy would be a much lower level of foreign debt paying for all those unnecessary luxuries that are not made here!
I think the majority of people think the debt will die with them. It doesn’t! it rolls over into the estate for the nearest and dearest to have to pay off on their behalf. Never mind, one can always have a garage sale to sell off all the unopened brand new stuff that was nearly really needed in the first place….
The Western world operates on the philosophy of me, me, me and I Want it NOW!
I agree that far too much is spent on weddings, both financially, emotionally and otherwise. Perhaps if some of this was directed towards a future life together there would be more successful partnerships.
BTW, we got rid of our internet fridge. Every time we opened the door it was full of porn.