Can You Afford It?

Alright, I'm back from vacation and I had a tough re-entry. I'm a bit grouchy. So, if you're under 18 years of age, get lost!

I am sick of hearing about people who are on the verge of losing their homes. I do not mean to sound mean, but some of these folks should have never been allowed to buy a house in the first place. Since when is it the United States government's responsibility to bail out homeowners who cannot make payments on time. Excuse me for being surly, but if you have not made any contingency plans for unemployment, medical crisis, getting clobbered by an uninsured motorist under the influence, and any other unfortunate everyday occurrence of modern day living, start packing your stuff.

Never take on a debt unless:
1) You can afford it. All of your monthly debt payments should not exceed 35% of your gross income.
2) You have SIX months of income stashed away in a savings account. Oh, you have no savings? Rent something or move in with your family. That is, if you're invited.
3) You have a rich aunt who really, really likes you.
4) You just purchased the winning Power Ball ticket.
5) You expect Obama to be President for the term of your loan.

Grow up America. It has been an entire generation since we've had a recession and it is time for individuals to take responsibility for their actions. Read the contract before you sign it. Then, pay up on time!