Big money savers vs. big money spenders

0 Comments | USA TODAY, May, 2008

I read the article "Foreclosures double, home prices tumble" and was appalled after reading the segment in the article relating to the real estate broker in Myrtle Beach, S.C. (Money, Wednesday)

He is 60 years old, behind on his mortgage and facing possible foreclosure. He sought bankruptcy protection and also built his dream house. Sounds like he had enough to build a dream house but not much left.

If he were a 25-year-old, I could understand this better. But at 60, he should have substantial savings beyond the money for his dream house. Also, as a real estate broker, he knows -- or should know -- the best financing arrangement.

I understand his livelihood has taken a turn for the worse, but with a big run-up in the market in the past 10 years, I...