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In a country where debt is as commonplace as bottled water, it is no wonder that people got themselves into the trap of purchasing a house they couldn't afford. Many people fall into this trap. Most do not get bailed out.

There are many ways for one to pile on the debt. For me it began with college loans, continued with irresponsible credit card use. When I finally figured that to stay away from furthering the problem of unsecured debt, I still failed to make some sound financial decisions and formulate a budget I could stick to.

That is a very basic explanation of how a person like myself can get a degree in a highly respected profession, earn a more than decent paycheck and still not have enough capital to consistently pay bills on time. That does not mean that I am not trying and am working ardulously to overcome my past transgressions in the financial world. I look forward to that day when I have paid off the last dime of my credit card debt, which is a few years down the road even though I do no even have an active credit card.

For this reason, I find it appalling that in one instance, the government would consider bailing people out to the extent of freezing their low rates. I find it extremely hard to believe that most of these people that signed on to an adjustable rate mortgage did not know what they were getting themselves into. I believe they rolled the dice that they would be able to sell their home before the higher rates kicked in or planned on being able to afford the increase. If they did not know what would happen with an adjustable rate mortgage, they have no business owning a home.

I would be in favor of a government solution that stops the mortgage companies from raising rates to an unreasonable level. I liken this to keeping credit card companies from charging extreme interest rates. But for those of those who have our own financial issues that accept that we need to get ourselves out of our own mess, it would be quite a blow to see people bailed out on behalf of my income taxes.

Mortgage companies should be held accountable for leading people down this road of becoming mortgage poor or facing bankruptcy for terrible decisions. That does not mean that people should be bailed out by the government for their mistakes.

Learn more about this author, Jeremy Bragg.
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