"In the past, when times were tough, she would borrow against her home's equity -- that's no longer possible."
Ah... (insert bleeding heart strings here) This Christmas, she can't borrow any more money because she owes more on her house than it's worth.
No, I'm not that cold hearted, but how much sense does it take to know that you can't keep borrowing against a house without having to pay for it?
This was a story from CNN this morning, "Have yourself a subprime little Christmas". Yep, they're blaming it on the interest. Doesn't have a thing to do with poor money management. Nope, nosireee.... it's "them" out to get us.
I know. I know. The housing thing along with the interest thing and a few other things are hurting some people. Most of the hurt I see is brought on by over borrowing - by too much debt, by not enough financial maturity.
It may be time for some people to grow up the hard way.