The ones that now HAVE to change their lifestyles and spending habits are those that weren't living within their means and putting away for rainy days. Well, now that it's coming down pretty good and will likely be pouring soon and "they" are going to be in a world of hurt.
Don't get me wrong, I commend everyone that finally realizes that lifestyles cannot continue spending in oblivion, but I just wish most could've seen it sooner, and we wouldn't be in the situation we are today. I have friends that had to have the 4000+ square ft homes when half of that woulda been sufficient, along with the $50K + cars, and 60 inch plasmas etc. Stretched to the credit max in every way, but hey, they make $200k a year....oops, one of the two's jobs is forced out in a company cutback - uh oh!! I have other friends in the same boat making much less that thought they had to have this and that (living well above their means), and now are scared that they could lose everything.
I don't feel bad for those who made poor choices whether it be banks giving out loans that they knew had little chance of being paid back if there were even a one point swing in rates, automakers that have for quite awhile now tried to skate by with inferior quality in their products, and relying on big brutes (trucks and SUVs)to carry their company even with a looming rise in oil prices, or folks that took out the loans to pay for the homes and vehicles that should have been out of their reach financially.
But, hey, let's NOW start to use our heads when it comes to financial things....ABOUT TIME, but I guess better late than never. Sometimes it takes a slap in the face, and honestly it might be good (in the long run)that we've gotten one.
