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Authored by: OpenSourceFTW on Sunday, January 06 2013 @ 02:00 PM EST |
...never count your chickens before they hatch. You don't know what will happen
in 4 years, so be very careful of the obligations you saddle yourself with.
Obviously, you have to live somewhere, so you have to borrow tomorrow's money
today to pay it (alternatively, pay the money monthly anyway to rent), but do
yourself a favor: stick with fixed rate loans, they are far less confusing.
Same thing with college loans. I have a rather large amount of loan debt, so I
took a large risk in going to college at all. I'm banking on the fact that my
training will lead to higher pay and thus I will be able to pay off the loans
more quickly. However, college these days is nearly as necessary as having a
house (after all, you need a decent job), so what can you do? Also, college loan
rates are quite low, so that softens the blow a bit.
In the subprime crisis, I would assign about 95% of the blame to the mortgage
companies. The remaining 5% is the people who failed to consider if they would
be able to pay when the loan amount went up to X dollars after 4 years.
Obviously, not knocking people who were unfortunate enough to have lost their
jobs (have a close friend that happened to) and thus their ability to pay, that
is totally out of their control.[ Reply to This | Parent | # ]
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- That is why... - Authored by: Wol on Sunday, January 06 2013 @ 03:44 PM EST
- That is why... - Authored by: Anonymous on Sunday, January 06 2013 @ 07:28 PM EST
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