You've heard the commercials on TV and radio: low, low "teaser rates" and easy credit. Well, that was then and this is now. According to this article in the The Christian Science Monitor, the housing boom and its creditors have pushed more than 20 companies into bankruptcy and advocates are saying that all the easy credit given over the past six years is on the brink of creating one of the worst mortgage crisis since the 1980s. Why is this happening? Quite simply: people can no longer afford it. Across the nation these teaser rates, which first made the loan possible, have baited people into higher interest rates, thus pushing people into foreclosure. Are you one of these people? Let us know.
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