High Consumer Spending and Bad Credit Mortgages
When my grandparents were young, nearly everyone payed for everything with cash. Today, the only place kids see hard currency is in their text books. It seems the toothfairy is the only one still using this archaic form of payment. Unfortunately, with the advent of credit cards, also came an uncontrolled whirlwind of consumer spending. It is no wonder we are seeing a vast increase in the number of applications for bad credit mortgages. People are spending more than they can pay for and end up declaring bankruptcy. At this point, there are few options for buying a house other than bad credit mortgages. It’s not like people pay cash for them.
