since we have helped everyone else in this world except the people in our own backyards ... we are in for a long & painful recession .
Home finance companies were having appraisers rate homes at more than they are actually worth . People took out these large mortgage loans thinking they could sell their homes at the appraised price . Not !!! Now they are losing their homes to foreclosures as they can not pay for the loan . Thats only a small piece of the answer . I'm not really sure myself brit . But I have no idea how people get themselves in such grave debt .
There was a couple on Oprah Winfrey that owes NINETY THOUSAND DOLLARS on credit cards alone . I often worried about our credit card debt, but after hearing these horror stories, we owe peanuts compared to that . I'd drive my car off a cliff if I owed that much .