brewer12345
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Mar 6, 2003
- Messages
- 18,085
Yeah, that is not a choice anyone would like to make. If in that position I'd be looking at every legal means available. I'd also be cutting my expenses to the bone, selling off toys, and shopping at foodbanks if necessary. I do know the feeling, having dealt with an unexpected 50% income reduction about two years ago.
That is why some people (I suspect both of us) live very conservatively. That way when life does throw a curve ball we can handle it without having to bail on our commitments. Which is why I don't have much sympathy for these folks and think what they are doing is wrong. The bank didn't make them take the loan, didn't make them buy expensive toys, nor did it make them invest poorly, if at all. Yet they are making the bank (and the rest of us) pay for their lack of financial understanding.
I guess you see the world through a different lens than I do. As a credit analyst, I have seen lots (and lots) of situations where a loan goes bad. In just about every situation, whether a corporate loan, commercial real estate, consumer, or whatever, the debtor just about always acts in their economic interest. You will deny it, but I have no doubt that you would do the same, as would I or anyone else.