Quote:
Originally Posted by jinx
I disagree. The predator might be morally wrong, but the responsibility lies with the one who will suffer the consequences, and I'm not just talking about mortgages here but pretty much life decisions across the board.
Seriously though, how hard is it to know how much of a mortgage payment you can afford? How much are you paying in rent? Add in any additional expenses not covered by your rent (taxes, hoa fees, trash, whatever) - there's no magic to it. If you don't know for sure you'll be making more money in 5 years, then Mr. Banker sure as hell can't know that either. I don't get it...
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Jinx, I think that considering your level of education and your husband being a finance manager you are probably more aware of money and how it works, but imagine you were undertaking some other endeavor in an area you were not as conversant in. You may decide to trust the credentials of "the expert" you had engaged to perform that service. Perhaps law? It wouldn't be possible for you to educate yourself to the extent that the professional you hired is educated. Perhaps building? Again, you could read and study about your project, but that still isn't the same thing as being a builder for 20 years.
Now, chip away about four years of your schooling and a dozen or so IQ points and maybe even a little emotional maturity and you are among the ranks of the prey.
Of course it is still their fault, but poor parenting, and a culture of mindless, thoughtless consumerism certainly contributes to the problem.