Credit Crisis Forces Mental Break Down..That’s Good!
Yes, it’s true. The current credit crisis is causing many people to have a mental break down. All I’ve got to say is..Whoopie! It’s a long time coming. For far to long many people have been living in their own version of a ‘reality show’. In case you haven’t noticed, I was being ‘funny’ with the title. Of course I would never wish anyone to have a mental break down. The type of mental break down I’m speaking of is a complete change in mental attitude.
People by nature are afraid of change. The unknown breeds fear and the known feels comfortable. Even when change is necessary for survival, we will still fight to maintain the status quo. Well Dorothy, we’re not in Kansas anymore. The current economic recession is like a tsunami tidal wave.
Married couples are going to have to depend more on devising and committing to a savings plan to help with their down payments for homes. Gone are the days of having a combined gross income of $65k and getting an interest only (or other creative type) mortgage to get them into a $275k house. Normal standards would dictate that they qualify for only about 2.5 to 3 times their income, or at the most a $195k home. Fast forward and add one or two hardships and you have another foreclosure to add to the already exorbitant national inventory.
These types of situations are often the only things that force people to change their views of a financial nature. We shouldn’t be surprised. Just like there are corrections in the stock market, so it is with other markets. This applies to real estate and business financing markets also. Those who survive are those who don’t fight change, but accept it as a normal part of life. This may mean having to change your career. Bottom line, either adjust and adapt or perish.
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Christopher Wright, Financial Cancer Specialist
Blog.GoodCreditApproval.com
GoodCreditApproval.com
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