Who is to blame for the gross personl debt in the USA?

Question

Is the credit card companies, banks, financial institutons, or the poor money management of each indidvidual?

Answer 1

A combination of many factors. To start, marketing is one of the main reasons for personal debt because several companies market their products in a way that is irresistable to customers (e.g., no money down, no interest for 12 months). In addition, as customers we are constantly demanding more, therefore, companies respond by selling us more of what we want. So if you really try to look into the problem objectively, you have no one to blame but yourself. Nobody forced you to buy on credit, to "want" things you don't really "need", to compare yourself to your neighbors. You have to take responsibility for your own actions. It's always easier to find someone else to blame it makes us all feel better. It's harder to admit that we are responsible adults who must get used to making responsible decisions. Next time you get a credit card offer, shredd it. Next time you go shopping for something, ask yourself "do I really need that? Can I live without it? Can I afford it?" then make your decision after you answer those questions. I hope my answer was somewhat helpful. Good luck!

Answer 2

Poor money management of individuals. Some individuals are irresponsible and live way above their means. People fail to set priorities for their spending.

If it wasn't for credit card companies, banks, financial institutions, etc there would be a lot of people without a job or money to spend on anything.

Answer 3

Bush Administration. All these wars and all the money that is being spent on them. Where is this money coming from? Come on! The U.S. are borrowing money to pay for Bush's tyrannical eternal war on terror and this forces federal interest rates to skyrocket to offset the financial debt created by the government. Why can't we spend money more wisely? We're ruining our reputation around the world. All the wars and killings and all the hypocrisy.

As far as poor money management of each individual, I believe that people lack discipline. People are their worst enemies. That's why we have checks and balances. Human beings are destructive by nature. Governments too.

Answer 4

I blame "We the People." The government is organizied of the people, for the people and by the people. We elected the officials at the national level and state level. We have nobody to blame but ourselves. Get involved, make changes happen. Political finger pointing and grid-lock government does not benefit anyone. It is just drama for the news-- a distraction for the people and the media and it is working.

Answer 5

Parents don't teach their children money management because they don't know it themselves. Perhaps their parents didn't either. We suffer from inherited financial stupidity. We could learn, yes, but so much more effort is involved in saving than spending. The very fabric of the American dream is tied up in buying whatever piece of crap you want the second you want it.

Answer 6

Blaming others for your own actions is the easy way out.
Poor money management of each individual is my choice.

*****Had to read the question again to see "personal" debt.

Answer 7

The individual

Answer 8

There are plenty of mountain tops out there. I'd blame the guy who jumps off of one instead of the mountain.

Answer 9

The pride of the "Give Me it now" aka Baby Boomer generation is a good place to start.

Answer 10

individuals. everyone wants everything NOW, & no credit card company or bank forces anyone to over-extend themselves. they just love when we do though...LOL