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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Travis_Bickle who wrote (113534)3/30/2008 3:15:26 PM
From: Peter VRead Replies (1) of 306849
 
First, when do kids of money-spending age ever listen to their parents?

Second, most parents don't know this stuff either. Or they simply ignore it.

The difference between previous generations and ours is the proliferation of easy credit. Our parents bought houses with 20 percent down, were never encouraged to use credit cards for every single thing, and pretty much had to live on a cash basis.

In contrast, I bought my current place in 2001 with 5 percent down, long before the height of the subprime boom. And of course there was a time where you could get 125% loans all day long. I use credit cards for everything imaginable, but unlike most people, I carry no balance.

Credit companies have pushed us into thinking that having loads of debt is the American Way. Some people are too stupid not to know better.

School may be the best place to try and turn this around. Of course, the coming Depression may help too.
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