It's easy to see why so many people are going broke and all of that stuff. Half of my friends drive around new trucks, bought a house, and piss away all sorts of money. How they are making it, I'll never know. One of my friends just bought a house, but paid off all other loans before hand, and I KNOW he can afford everything the right way and doesn't have to worry about foreclosing and all of that.
I'm paying off what loans I do have before getting serious about purchasing a house. Hopefully if I do that, then even if the economy goes way down hill, I'll still be able to keep my head above water during tough times.