Quote:
Originally Posted by activeStick
Hoping the return to normal lending rates will curb the tons of people from borrowing to live and living beyond their means simply because everyone else is doing it. If you can't afford a mortgage and everything else in life, you shouldn't be borrowing just because. Same with the nice car and vacations.
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The housing issue is more complicated. We have a legit housing shortage. Until that's dealt with, people will continue to borrow lots, as people need a place to live. Rent isn't exactly cheap right now either.
You can tell people not to get mortgages now, as mortgage rates will rise in 5 years. But the way things are going, where will rent be in 5 years?