[Sooth2222]

"Factor in the payment on the smaller, second loan, and the Philbrooks now were paying $2,250 a month servicing their mortgage. Since Karen and John bring home a total of about $4,000 after taxes each month from their three jobs, this was a crushing burden. Add in two hefty car payments, utilities and insurance bills, and that didn’t leave much left over for such necessities as food."

No, it wouldn't.

[boop]

Actually I kind of sympathize with these folks to a degree, but have to ask: OK 4000.00 per month after taxes. The house payment went up by 500.00 per month to 2200.00. Now with all their "extras" they can't afford food? How did they "make it" when their housing was only 1700.00 per month? Exactly how much are these "extras"? 2300.00 per month? What kind of cars are they driving? It sounds like they were tapped out even before the interest rates went up.

[dinodino]

They could drive cheap used cars and dispense with the car payments. The people in the article chose to be broke.