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Lapse In Personal Finances - College Papers

Lapse In Personal Finances

When the economy is in a recession and many are finding it hard to cover their monthly expenses, there is question to who should be blamed for these circumstances. Though initial cut backs in jobs lead us to point fingers at the government and corporate America, we often find ourselves putting blame on others for our financial situation. When money tightens down, what is our response? Do we too tighten down our spending, or do we carry on as usual? In the last couple of years foreclosures have been on the rise. In addition to this, the negative press on large financial institutions has also been on the rise. In this time of economic stress, whose responsibility is it to take care of our ...

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once they are approximately two months behind. A bank is still a for profit business, and if they are not making money due to non payment, it should be expected that there will be consequenses.
With foreclosures in full swing, it’s reasonable to question the different reasons that are behind this trend. It is true that many find themselves in an unfamiliar situation with no job and no means to pay their mortgage, but there are many other situations that I have experienced first hand. Our hearts go out to these individuals who have found themselve in this unfortunate situation, but this may change if details of their financial situation were given. Many find themselves in foreclosures that could have been prevented. When making life decisions such as purchasing a house, it is our responsibility to think of how we will fulfill our commitments if put in a bind. Often this change in income calls for us to make changes to our personal spending and budgeting. Again, we are quick to ...

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Lapse In Personal Finances. (2011, March 19). Retrieved April 26, 2024, from http://www.essayworld.com/essays/Lapse-In-Personal-Finances/96322

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PAPER DETAILS

Added: 3/19/2011 10:29:08 AM
Submitted By: lori1234
Category: Economics
Type: Premium Paper
Words: 951
Pages: 4

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