I can't tell you how many hours I spent in an apartment on Brighton Beach, waiting for my mother, grandmother, sister and eventually myself to get our pants marked up by Edita, a magical seamstress. The ladies in my family are short, about 5'1 on average; there are very few pants we own that aren't tailored. In fact, not only do we hem pants, we take them in all over when the style is unique and the price is right (ex: Versace pants from Loehmann's for $50 + $15 for alterations!). For several extra dollars, it's worth having perfectly fit pants. That's the gem of wisdom my mom and grandma instilled in me from an early age.
Lady on the street, if you're reading this, please spend $5-$10 so that we don't have to see your sad looking, extra long pant legs again. All I want is for you to look good and feel great. There is NO way you are feeling confident walking around like this.