Um I’m 31, have an almost 800 credit score and take my finances seriously. My dad, a former real estate broker suggested two years ago that I might take out an IO loan to buy a place. I said I respect you dad, but no thanks.
Its fun to place blame, especially on the obvious targets. I have seen alot of it here, but its counter productive. Ultimately someone who takes on the largest financial obligation of their life needs to take responsibility for that obligation. The simplest financial advice in the world is follow the money. If you do that you pretty much can’t go wrong. If you can’t you probably have no business buying something that large.
I will offer one caveat to my responsibility posting earlier. Information like we now have available wasn’t always so. People also previously weren’t taught to make use of it as effectively. However that applies to older people far more than younger ones. Those under 40 year olds may not have been taught good financial planning by their parents, but they sure should know how to access information more quickly.
Remember ignorance is not a viable defense in bakruptcy court.
