Quote:
Originally Posted by srmom
Maybe it's a generational thing, or maybe it's just a symptom of this economy, but I do feel it is inherently dishonorable to default on a loan. It's just something that was ingrained in me, but I understand your point. I just think I'd do absolutely everything to keep paying my mortgage even if I had to default on a car loan or much less forego restaurant visits and trips. I've always thought that your mortgage is the #1 most important thing to pay - home and hearth and all that  |
Considering many people who are foreclosing out of having bought too much house or using their house as a piggy bank are in their 50s and 60s, I can't really call it generational. I won't even call it family-based: even after having been raised by the same parents who were big about paying off mortgages early and investing wisely for retirement, my sister and I have almost exactly opposite financial experiences and perspectives.
Basically, people wanted more house than they could afford and thought the party was going to last forever. That goes beyond generational or family mores.