One of the biggest news stories of 2007 was about home mortgages. Much of the blame for this economic crisis has been placed on lenders willing to make easy loans in a booming housing market. Some the blame, however, needs to be placed on borrowers who still don't understand the "no free lunch" school of economics.

Economists are reluctant to say officially that today's financial situation is a recession, but for thousands of Americans who thought they "owned" their over-mortgaged homes, the future is even bleaker than a recession. They will lose those houses and likely everything they've invested in them.

Buyers who take on huge financial responsibilities without taking stock of what easy credit can do to them have set themselves up for disaster.