11-13-2008, 09:16 AM
I wouldn't dare say that ARMs are ever good. ARMs are what got this country into the mess that we're in. People hopped on board with ARMs because they bought into the whole, "everybody deserves a house" and "creative financing" took shape in the form of the ARM. Then all of the sudden the mortgage rate goes from $400 to over $1500 a month and people got screwed.
It's still not societies fault though. Sure people want to get a house because that's what they're led to believe they need to achieve the American dream. I would say the only purchase you make that is influenced by society is your car. You could own a $400,000 house and people wouldn't think anything of it if you drive a Pinto. If you drive a Lexus (or Cadillac or BMW or Mercedes) and have an apartment people think you've got a ton of money.
It's still not societies fault though. Sure people want to get a house because that's what they're led to believe they need to achieve the American dream. I would say the only purchase you make that is influenced by society is your car. You could own a $400,000 house and people wouldn't think anything of it if you drive a Pinto. If you drive a Lexus (or Cadillac or BMW or Mercedes) and have an apartment people think you've got a ton of money.