Living on a Credit Ain"t Right by Barbora Kasparova

Long gone are the times when one needed a thick cash to be able to buy property or anything of a higher value. In recent period people have raised their expectations altogether with their standards of living, but somehow forgot that there's a need to raise their incomes as well. The current in the mortgage market in the USA is alarming. Not only because of the troubles the individuals are facing, but also due to the impact it has on the economy as a whole. Somehow it reminds of the situation of the non-bank subjects in Slovakia. People were lured to invest money and then left with nothing. This is very different, of course. However, the one thing that is common is human foolishness, and greed. If anything sounds too good to be true, why don't we question it? Why do people fall into the hands of the subprime mortgage lenders like Countrywide? Is the fulfilling the American dream really worth it? Americans are too used to be living on credit that sometimes they oversee the risks it brings. Or they find out only when it's too late. And when an unexpected situation like loosing of a job occurs, then it's usually late to revise. An appeal for the masses is clear & learn from the mistakes of others, since it is far less painful.

related story: http://news.yahoo.com/s/ap/20071124/ap_on_bi_ge/doomsday_scenario;_ylt=AhoODfOekYTefO7h25iNLQCs0NUE

by Barbora Kasparova for PocketNews (http://pocketnews.tv)

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