When you sell out of desperation you get bottom price and to sell goods just for the basics seems like a double-squander kind of situation, definitely not the way to get ahead.

Beth- excuses excuses excuses.  Get up take care of yourself.  Don't buy a house you can't afford!  Then you won't have to wait for someone to take care of the lawsuit for you.  Don't waste our tax dollars on a lawsuit on a situation you could have avoided in the first place.  Predatory lenders are just as responsible as desperate irresponsible borrowers!  Lose weight, go to yoga, go to a gym, be proactive, and your medical issues may resolve themselves.  Start re-building- stop waiting for someone else to come save you - from yourself!

There are certain things that afflict individuals that is caused by the moronics of big business, government involvement or lak there of. Pray sir that nothing ill befalls you or you may find others waving to you as you jump off the cliff.

There are the uneducated, but when things are done in secrecy and falsified unknowingly, until after taking months to get to the right govn't office that can get the information for you, but cannot legally enfore the policies then were does that leave one.

Currently, I'm aware of a mortgage company that had faslified mortgages under nn-applicate's names and after nine months the housing organization cannot get any answers for anyone government agency how to address these issues and they themselves are a government agency.

That's just the start.

@TYF - that's why Donna responded.  He was being acerbic.  

I wish financial management was taught in schools.  The amount of advertising that is put in front of us is absolutely insane.  It pains me to watch television sometimes.  On they upside, at least people have things to sell to help out with paying bills.  If I were in a situation like that with only the bare bones in possessions, I'd have a real problem on my hands.

@ Michael - and I mean this seriously because of the last comment - you're funny.  =)

I can't say that these people aren't at fault - they are because of the choices they made, BUT I'm willing to wager that when they made those choices, they had an idea that they were going to be able to handle the financial ramifications.  Today is certainly proving them wrong.  

Most people don't easily unlearn bad habits - misusing credit and keeping up with the Jones' are very bad habits.

Michael Hunt...

I hope hard times never fall your way. You may have just put both of your feet in your mouth. You'll need something to eat I guess.

Be kind to those who are having difficult times. Whatever happened to these people, it's really not for you to judge, and crab about...unless you have nothing else to do with your time.

When hard times come your way...and they will....it happenes to everyone at some point...I do hope that you will remember the days that you pointed your finger at those who are having hard times today, and cared less. I hope someone will be there to lend you a hand when you need help.

Alicia, well if you liked the last comment you're gonna love this one.

So people can't help themselves when they're subjected to peer pressure or the onslaught of advertising. If you find yourself the prey of vampires, gypsy shenanigans or Jedi mind tricks. Do yourself a favor and turn the stuff off, read a book.

And by the way Alicia, financial management is taught in school.

All for now, TGIF!

@ Michael - Not everywhere.  I learned checkbook balancing from my mum, not the schools of LAUSD and I know I'm not alone.  Maybe they should teach it in all schools because they certainly don't now.  

And we should do with less television.  No argument there.  =)  

I know for a fact that LAUSD teaches math and history, Alicia.  It's a core requirement and basic math is all you need to know to balance your checkbook.  Reconcilling your account with your bank statement is like the matching puzzles from early grade school where you circled all the similar items on both lists to find the items that had no match, then adding those to your register.

History is full of examples of individuals and countires who overextended themselves finacially and had huge debts that lead to revolutions, etc...

If a student cannot apply these lessons to their own personal economy, then there is an entirely different problem.  

Additionally, the libraries in Los Angeles county have numerous books on financial education and they are usually available on the shelves when I browse.  These texts are designed to educated an avereage reader (meaning does not require a college mind set) so the tools are available to everyone as they are in multiple languages.

As to people being 'programmed' to acquire and acquire - it's not a matter of programming, it's a matter of gratification.  Instead of acquiring the assets that will generate the extra excess income to be able to afford the finest things in life, people take their basic income and buy the trappings of being rich, thinking that by having these things they are rich.

The reason a YVL handbag that costs $5,000.00 is a status symbol is because one didn't need that $5,000.00 for anything else.  One is also not taking it to their job where they are a file clerk.

By the way, the absolute insistence of not having lines of credit will keep you trapped in a marginal existence leading to not ever having your own residence.

If you don't worry about that, imagine running out of funds when you are 70, your savings will not meet your living expenses and you do not have a home that you can reverse mortgage for cash flow or any other asset that will generate income for you.  This is planning for HOMELESSNESS.  

Credit cards and credit lines are TOOLS that you need to learn to use wisely.  And I mean USE!   Imagine never having a steak because you never learned to use a fork or knife because you might stab or cut yourself.  Lots of food can be prepared and eaten with a spoon, but to eat healthy, you probably need to learn to use a fork and knife.

First off, “taught in school”? HA! My high school could barely teach us how to drive or write (based on the driving ability and composition skills of my peers at the time), so perhaps it's a good thing they didn't try to teach us how to manage money. I can just imagine it: "So, when you turn 18 and get all of those shiny credit card offers, most definitely sign up for them! The minimum payment can hold you over until you get that 6 figure job you just know your diploma will get you!"

Also, Michael, you reiterated what Donna said. If one is literate in traffic law (and common sense), one will not use a cell phone while driving. The "weak-minded" will talk on their cell phones and eventually get in some kind of accident - they will learn the hard way. Donna might view such people as foolish, but feel that since their parents did stuff like that while driving (do make-up, balance checkbooks, eat, etc.), perhaps it's not JUST stupidity fueling that behavior (“modeling”). You, like you suggest, might "wave as they drive into the telephone pole". Either way, as you both acknowledge, the consequences are dire and it is ultimately one's own responsibility to pick up the pieces. How does this "not wash", especially when you both are effectively coming to the same conclusion?

As far as the article itself goes, it reminds me that I could be in a much more desperate situation. "Count your blessings," my mother used to say...