Rising interest rates, depressed property values, higher credit card minimum payments, swiftly rising fuel costs and the recent Wall Street crisis have been some of the factors affecting negatively on our  financial situations.




The current credit crisis fueled by country wide home loans being given to borrowers  for  their over-valued homes.




When these facts are combined with the shocking rise in the price of gas it is easy to imagine that many first time home owners will be affected  and forced into foreclosure and eventually bankruptcy.




As for your credit card debts – there is a very good reason that minimum payments have doubled and it has nothing to do with the explanation  given by the companies of helping customers get out of debt quicker.




When you call your credit card company and explain that you cannot meet your minimum payment they may suggest you take a  debt consolidation loan, depending on how much equity they estimate you to have in your home.




Should you accept their debt consolidation help, which is guaranteed against your house and  this means that in case you default on your credit card they are entitled to take your house!




As of this writing, we are already at an all-time high for foreclosures with Indianapolis in first place, Atlanta in second place, Dallas-Ft and other areas are picking up fast.




As rates continue to rise and the credit crunch continues to bite, we will see a glut of foreclosures that could well surpass what we witnessed in the 1980’s.