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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (1299)	1/2/2002 11:44:30 AM
From: GraceZ	Read Replies (2) \| Respond to of 306849

His new mortgage payments are nearly three times as high as those on his old house, and he says that, with that heavier mortgage burden, he will have to apply about 56% of his annual income to paying debt. Mr. Stouder also bought a $27,000 "thunder-gray" four-wheel-drive Toyota Tundra last year, again relying mostly on credit. Sometimes people have to learn hard lessons first hand. This guy is in for some considerable pain. I see a job in his wife's future or some moonlighting for him. As for the 24 year old who makes 35 and owes 28, guys like him go one of two ways. They either declare bankruptcy or they go out and get bailed out by getting a much better paying job and then run up twice as much debt. Some people really are better off on the envelope system.