Why you need an Emergency Fund...

[disneysteve]

You are correct that couples shouldn't buy "above" what they can afford. However, you don't know that this was the case. You have no idea how much the Husband that left made

That's true, but regardless of how much they made jointly, they still apparently had little to no savings which might lead me to believe that they were strapped by their mortgage payment (although not too strapped to afford Coach handbags and Tiffany bracelets). So maybe the mortgage was too big or maybe they just didn't have control of their overall spending. The article doesn't say one way or the other.

[loulou]

Yikes. Does it make me a cold person that I don't feel an ounce of compassion for the majority of the 'sob stories' CNN highlights?

[Brokemofo]

Yikes. Does it make me a cold person that I don't feel an ounce of compassion for the majority of the 'sob stories' CNN highlights?

Maybe. But, I'd be more interested in knowing your feelings twoard the ones you don't pity.

[disneysteve]

Yikes. Does it make me a cold person that I don't feel an ounce of compassion for the majority of the 'sob stories' CNN highlights?

Nope. I have little sympathy for people who are struggling by their own hand. If you are maxed out in debt due to some catastrophe, medical issue, natural disaster, etc., that's one thing. If, however, you are facing foreclosure because you bought a house you couldn't possibly afford and choose to live beyond your means, that's your problem.

[Joan.of.the.Arch]

Well, just to wildly speculate, let's just say that they had a couple million dollars in an emergency fund and the husband left with that. Or, shall we say he left because she insists on buying new bracelets and purses every week and that he has gone to set up house elsewhere and is coming to rescue the kids as soon as he finds work? We don't know the details. We don't even know the big picture, really.

[Brokemofo]

Well, just to wildly speculate, let's just say that they had a couple million dollars in an emergency fund and the husband left with that. Or, shall we say he left because she insists on buying new bracelets and purses every week and that he has gone to set up house elsewhere and is coming to rescue the kids as soon as he finds work? We don't know the details. We don't even know the big picture, really.

Now that makes sense.

[kork13]

I'd say the most 'reasonable' explanation for why it all happened this way is that maybe the husband made significantly more than she did, like $100k+... That might have allowed them to afford everything better, and thus when he lost his job and left, they were out of luck. Admittedly, the lack of any substantial savings is still a terrific idea... Just to throw caution to the wind and give them a benefit of the doubt...

[LuckyJB]

Have an emergency fund people!