Quote:
Originally Posted by HejiraNYC
. . . It makes me feel like an idiot for being fiscally responsible and living within my means.
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Well you are and you aren't. It really just depends on your conscious. You likely could have spent two or three times more than your actual level of spending over the last few years, gotten into horrible debt you knew you could never repay and then filed for banktruptcy and wiped out that debt or paid back pennies on the dollar, while still having had the experience of the high life and keeps the vast majority of the assets acquired therein. If you could live with yourself, then who really cares. And - no one really would know what you did because it is not like they post filings in the front page of the NY Times
Bankruptcy is a good thing when used by people who are in a bind and cannot get out. I am not talking about them and I think they are good people in a jam, which is that the system was meant to address. But, it will now be used for the situation I just described, which emboldens IMO the American and somewhat world position of no responsibility for my actions mentality.
And, even with a bankruptcy, you can get a market rate mortgage that is Federally backed - and, if your income is high enough, you have a cosigner, and/or a year or so has passed in which you have demonstrated the ability to pay a credit card - a market rate conventional loan likely is available to you.