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

To: bozwood who wrote (11159)	6/11/2003 1:18:38 PM
From: Mr. Sunshine	Read Replies (1) \| Respond to of 306849

<<I worked for a bank that did a lot of loans that rolled credit card debt into mortgages. One thing is for sure, people run their credit cards up again. This was about 10 yrs ago, so maybe people are more financially savvy. However, I doubt it.>> Some people are financially savvy, some are not. It has always been that way, and always will be. Some people learn, some do not. I try to educate my clients, but many just do not care. One example of the latter is a recent refinance I did. The couple both have steady long term jobs and have very good income, yet they had a BK a few years ago due to excessive debt. Now the debt is run up again and they have numerous recent late payments. They refinanced to pay a some of it off and for the lower interest rate. Because of their marginal credit I had to do a lot of work to get them a decent loan. They are saving about $1000 a month, and apparently have no intention of paying off their other debt with the savings. She wants a new kitchen and he wants "toys". They actually are a little unhappy with the loan because I could not get them more cash out so they can buy everything NOW, rather than waiting & saving for a few months. So it goes. Keep in mind that a lot of people are more responsible, and many people learn their lessons. It is just the ones that don't that really stick with me.