Home Credit Help Anatomy of a crash… part I

Anatomy of a crash… part I

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We’re all guilty of it. At one time it seemed the sky was the limit. The family had a two paychecks and all is well. What to do with all that cash? Together you had over twenty credit cards and that was back in 2005. Life was good.

So, the two of you agreed that it would be nice to have a vacation home. After all it would be a great investment and the makets was really hot. If you waited you likely would not be able to afford it. So, now you have the vacation home and it’s just a two our flight and the family could spend a lot of weekends there.

The credit cards are great cause you could keep your cash and just pay the cards later. So, new furniture for the vacation home, and the weekend trips to visit, and everything else went on tht cards.

Then the spouce’s job was moved to another state. The family had a decision to make. Move to keep the spouce’s job or stay to keep yours. The spouce took severance pay and the family stayed put.

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