For years homeowners have been using their soaring-in-value homes as ATMs, drawing money out to finance whatever they wanted. No more. Falling home prices mean that your house is no longer a source of cash.
If you’re in debt and you don’t want to be, (and who wants to be?) you might want to take a look at Zen Habits 12-Step Get Out of Debt Program.
According to a new survey by Lending Tree, 20% of Americans fear that they will never escape their credit card and other non-mortgage related debt and will be stuck with it for the rest of their lives. That’s depressing. Elizabeth Warren at Credit Slips says:”Lending Tree tries to put a happy face on some of the data (most people “perceive themselves as some day being debt free”), but I didn’t feel any better when I read it.” Yeah, we don’t feel any better either.
You’re too far in debt …