"More than just an Adjustable Rates is causing Foreclosures"

Today "adjustable rate" mortgages are the reason why a lot of homeowners losing their homes, the problem is more than adjustable rates causing people to lose their home. The first reason is people have car payments that almost higher than the mortgage payments, "most car" payments close to 30 percent of their monthly salaries. The second reason is credit card debt, most homeowners are paying more than a third of the salary on payments on these credit card, with credit card companies adjusting card holder rates on their credit cards for no fault of their own (to me, it looks as if the banks are wanting the credit card customers to pay for this sub prime mortgage mess that they created).

Most Americans have more than 5 credit cards and have more than $8,000 of credit card debts, and with credit card companies adjusting card holders interest rates without cause, adjusting the rates to more than 20 percent. The best option to reduce credit card payments is to contact your credit card company to let them know that you are not able to afford the payments the reduction in rate will be tremendously beneficial. The third and the major reason most Americans are losing their home to foreclosure, is for not budgeting their monthly expenses at all, most are eating out more now than ever before, which will eliminate money needed when we could cook at home(knowing that we are not able to afford a chef). Find ways to reduce the cost in this section. Search your local newspaper ads and online coupon ads to find deals that can save hundreds of dollars.
The last issue I would say that is causing foreclosure is that we are overspending money on the things above as well as taxes and insurances we need to learn how to save money on both, we also need to find the best bargains (meaning not to pay retail for anything), we need to learn how to calculate price shop comparisons on everything, most Americans are not getting the best deals on (we need to compare insurance and auto loan rates and much more). Never buy retail and also shop around before you buy. It will save you thousands in the long run. I hope this lesson helps....