There was a time when people didn’t get home loans. If you wanted to buy a piece of land you could call your own then you saved your money until you could afford it. I use to think that it was the mentality that had changed; that people had come to a place where they didn’t mind being in debt (and possibly passing that debt on to their children). Recent research has taught me that being locked into debt may not be a choice that we want, but one that is forced upon us.
After the Great Depression, bankers were hesitant to lend money. Loans were only given out at 25% of net income of one spouse and even then it was for the LONG term of seven years. World War II changed all of that.
When the soldiers came back, many of them had no credit histor View the rest of this article
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