and the problem is , that everyone will end up paying for this mess.
the on coming mortgage crisis will completely flatten people financially.
complete and utter wipe out.
why do people continue to work there socks off ( a couple i know work 2 jobs each , and they have 2 kids ) to stay afloat - since it is inevitable that they will go under.
i say have a look around and see whats the best way out of this for you and your family.
its easy for me to suggest following my route and leave the country but if you have a homebird for a better half you might not be able to. if you have kids its harder again. but if these are not a problem then why swim against the tide for 3 or 4 years when you are going to be washed away anyhow?
a single friend of mine has 30 - 40 k in the bank.
but he has a 400k mortgage.
he is working simply to pay off the mortgage.
any interest rate hikes and his goose is cooked.
in 3 or 4 years he will no longer have that 30 - 40k , but he will still have the neq-eq.
my advice is live it up now - you are going to be broke in 4 years anyway.
spend that 30k on yourself , dont give it to the bank.
however i do know that many people do not like to leave the country for whatever reason.
i say to them - give it 4 months , go to a warm country where accomodation , beer and food is cheap.
see how you like it.
im kinda lucky to have someone with me but i do see many people travelling solo and they get on fine.