2007-02-14 15:40:12 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
In my personal opinion, the main source is spending money just because you have it now, not saving some for leaner times.
2007-02-14 15:47:38 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
Well being a loan officer, it is my opinion that the credit and mortgage industry is geared to help people keep up with their neighbors. I see loan after loan day after day, that people should not be doing. We now have 40 and 50 year mortgages, and we have loans that allow for 106% purchase, which means no out of pocket expense. Most of all they do these loans with a debt to income ratio of 60, which means 60% of your income goes toward your house payment. People are over extended.
2007-02-14 23:59:58 · answer #2 · answered by Dwayne S 2 · 0⤊ 0⤋
How to spend money. Difference of opinion and don't have a healthy enough respect for the other persons point of view.
2007-02-14 23:48:26 · answer #3 · answered by Brick 5 · 0⤊ 0⤋
Overuse of credit and low income.
2007-02-14 23:48:29 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Not knowing exactly where you spent your money.
also not establishing a budget.
2007-02-14 23:49:13 · answer #5 · answered by greatnewsbearer 3 · 0⤊ 0⤋