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Essay / Research Paper Abstract
This 4 page essay examines the reasons why some people lose everything they have. Bibliography lists 1 source.
Page Count:
4 pages (~225 words per page)
File: RT13_SA841go.rtf
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Unformatted sample text from the term paper:
on the streets. As they say, everyone is just one paycheck away from being homeless. It is a daunting prospect. After all, many people seek employment, work hard, and try
to live the good life. They may get in "over their heads" as did many people who were a part of the current mortgage crisis. In other words, they might
take loans and purchase a home or an automobile that costs too much for their current salary to support. An example would be if an individual with a family earned
fifty thousand dollars per year. This individual moves into a modest home with a relatively low mortgage. He has a car without a loan attached, but in creating a budget,
it seems that after taxes and commuting expenses are subtracted, there is less that three thousand per month in income. After fixed expenses are deducted-mortgage, insurance, utility bills-there is only
about $900 left. This means that there is only about $200 per week available for other necessities like food and clothing. This is only a small amount of money. Presuming
the mortgage is $1200 per month, this individual with an adjustable mortgage loan may see his monthly bill increase from $1200 to $2000. Now, if all things stay the same,
this means that the family will only have about $100 per month for flexible expenses. One can see how this family would "go broke" so to speak, rather quickly. In
the situation above, the individual had been barely making ends meet, but the additional $800 makes the home completely unaffordable. Hence, one way to experience financial disaster is to
take a home loan with an adjustable rate in an unpredictable market. What can happen is that while the initial rate is lower than average, it will quickly escalate beyond
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