Just like Fried Oreos, it's not about what is good for the consumer - it's about supply and demand. As long as there is a buyer, there is always going to be a seller. Same with the mortgage mess - as long as there are people who are fiscally irresponsible about what they can afford in a home, there are going to be those to service them. The only problem here is that economically we are all connected. I forgot the actual numbers, but a foreclosure in your neighborhood takes 9%(?) or so off the price of your home - regardless if you are making your payments.

bank is bad for peaple with poor credit

I disagree with the comment about payday loans not disclosing their APR. At least in Indiana, every payday lender is required to post that their APR in a chart on the wall.

The only people who care about poor people are poor people.

The money industry from the Federal Reserve all the way down to pay day loans are there for their own beneft and prey upon the unkowing.

In the stock market crash of 1929 the banks cut off the supply of credit AFTER the banks had sold short the stocks of the businesses that were being tanked by cutting off their business financing.

They create the desperate and they prey upon the desperate.

If you are poor, are you poor because you were born poor and without opportunity, are you poor because you are lazy or are you poor because you were lied to and robbed?

I was poor and I did what the money business told me to do and worked hard and invested and the government stole the value of my savings with inflation and the money business manipulated the money supply and stole the rest.

Then I learned to beat the markets and got more money than they stole.

The government stole it badck from me with taxes.

I totaly agree, not all people live beyond their means but still can't make ends meet

my husband & I are trying to live the  "AMERICAN DREAM " we own our own bussiness it's been three years now and every year he goes outside the shop to work, the economy is so bad that he has to ' just to make ends meet"  We don"t live in a house that we can't afford, or live way beyond our means, economy is that bad and I honestly don't see a light at the end of the tunnel. At least not in Michigan.  

We don't need the Feds to run our lives.  They control too many things already now.  For goodness sake!  Folks should stop whining and take control.  All actions have consequences.  Live with 'em!

My huband looked for work for over a year and we ended up ;losing our home. Does this this mean because we are in "dire straight's" because of our credit and misfortune that all of us need to be criticized for it? NO..

My employer, charges hirs employees $756.99 for health insurance, can't afford it at that rate. While asking the state for help just for my kids We make too much how is this fair?

Your damned if you make money and your damned if you don't so... are we better to criticize the people with bad credit?

I can remember growng up getting a list from my motyher for groceries at a corner store with no money to buy them. Yes, our store "hepled" our community. Not anymore everybody is in that that stage of "WHAT"S IN IT FOR ME?"

Maybe if we could get back to helping each other we wouldn't have legalized loan sharking companies that charge 141%

This certainly has to be usery.

It sounds like "Llivinglikenoother" has been listening to Mr. Ramsey. :) It is truly sad that people are preyed upon like this. Kids should be taught financial management along with reading, writing, and arithmetic as soon as they can comprehend it. Imagine what the world would be like if we all lived within our means!

Unfortunately the majority of folks today if they are truely honest with themselves are in debt for impulse control issues rather than a catastrophic life crisis.  Be honest we live in a very fast paced  " I want society"  What one really needs has been overshadowed  by " got to have it now."   Do we need to upgrade so often or move to Mega McMansions that we can't afford just to keep up with the almost bankrupt "Joneses"?  The appearance of affluence is so important......  Trust me we all  have made some unwise financial moves  but the current trend is insanity.  I would like to see all young people who want a home of their own  in the position to purchase one.  The 1st home does not have to be the Dream  Home but a humble abode and gradually improve yourself over time.  This may mean forgoing the 30k wedding, multiple vacations, multiple plasma tvs and two new cars so that some day the new car will inhabite it's own garage.. Hoping this hits home in a positive manner....Wishing the best for the up and coming generation and some of us seaned folk as well...  An optomistic mom!!   Mimi