Monday, February 9, 2009

Payday Loans More Popular | Home Prices Continue to Fall

Why you shouldn’t buy a house in 2009

As demand for payday loans continues to rise, demand for houses continues to fall.

Home prices are sinking lower and lower, and for some people that might make the “buy low” part of the old investment adage ring in their heads. However, MarketWatch has come up with a list of pretty compelling reasons why you shouldn’t buy a house in 2009. Here are a few.

Uncomfortable without a cushion

For any average American, the down payment on a house and other costs associated with buying will wipe out their savings account. MarketWatch argues that now is a dangerous time to be left without some extra cash.

“Given the recession and the fragile economy today … it’s wise to have a cushion to land on in the event you get hit with a financial broadside,” MarketWatch says.

You don’t want to end up needing payday loans in a financial emergency later because you spent your financial cushion.

Job insecurity

We have all seen the headlines every day announcing big layoffs at big companies as well as smaller ones. Perhaps you feel secure in your job because you are protected by a union contract or because the company you work for is doing well financially.

However, union contracts can change. As the recession deepens, more companies are being affected every day. Buying a home is an extremely long-term commitment. At this point not even experts know where the economy will be in a year or two years or even five years. Having a mortgage to pay off is not an ideal situation to be in if you lose your job. ... click here to read the rest of the article titled "Payday Loans More Popular | Home Prices Continue to Fall"

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