Business

Decades ago you had your hands
by Barbora Misakova

I like historical movies. Not such ones which are showing life of people living millions years ago when the mammoths were running on the wolds, but historical movies which shows that people could and also lived without money. And it wasn't such a bad life at all. Of course, people worked hard, that's truth, but I think it was much easier to work on my own farm, keep some animals and cultivate my own vegetables, than to live this life, full of stress and nerves. Few decades ago everyone knows what to do – women had to feed the animals, care for children and keep up the household. Men usually did the most hard work such as to plough the land, keep the bigger animals and protect their property and family. Yes, it was really difficult work, but only physical, so your body was able after a short time to get used on it. But what about these days work? Well, even though your body is resting more – especially when you are sitting at the office and just writing something to your computer, but your mind is working constantly. Eight hours of working and then, when you came home you are thinking about the rest of your problems, such as how to pay back our house loan? Will we able to pay it back? And when? Lot of questions and no certain answers. Just because of these things I really believe that those so called “hard times” were not as hard as we think.
Why am I talking about this? Well it is just because the fact that still more banks and companies allowing various kinds of loans are either crashing or changing radically their fees conditions. The same happened with Wachovia, which ends with its Pick-A-Payment mortgages. Pick-A-Payment mortgage was giving to the customers opportunity to do their payments in four different payment options each month. From now on every new home loan will have to be paid fully, so it means no more less-than-full interest payments. So what does it mean for people? It means that they owes the bank higher amount than the whole value of their home represents. And this fact can lead lot of people right to the foreclosure. Today it is all about share prices and the position on the stock exchange. When you are falling, everyone will fall with you. These days there are money what gives you life. Decades ago it were just your hands.

related story: http://news.yahoo.com/s/ap/20080630/ap_on_bi_ge/wachovia_mortgages;_ylt=AkrL.3SyolZncgn8SEqZ9pis0NUE

by Barbora Misakova for PocketNews (http://pocketnews.tv)

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edited by Beata Biskova

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posted by Blog TechSource @ 4:44 AM