increasingly without having solid financial planning knowledge. To many Americans are at the mercy of slick bank credit card promotions without a warning label for "Warning: Could be dangerous to your credit rating".
President Bush is an advocate of "If you spend it, you pay for it". Meaning he doesn't give a cr@p about you or me when all we had was a high school education and a minimum wage job. He was born with a silver spoon. Never worked his butt off just to make the rent payment.
Our government officials need to come out with an understanding that Americans having a lack of debt control. Its not instructed in high school. Basically, studies with goverment garuantee the banking industry over use of credit and the failure for Americans to maintain a good credit rating.
2006-12-15 07:59:05 · 5 answers · asked by JOHNNY D 3 in Business & Finance ➔ Credit
They are trying. (Look we now get a free copy of our credit report.) It just takes some time. Who knows, maybe our credit score and more information about how it is calculated is next.
2006-12-15 17:21:41 · answer #1 · answered by Mariposa 7 · 0⤊ 0⤋
it is not the gov't fault that people cant control themselves! George Duh'bya (I am no fan of his) doesnt force the masses into the malls. It is not the responsibility of gov't to control your spending. If they did, you would be arguing that they have no buisiness telling you how to use your credit card!
The credit card industry does not need a warning label telling people about their credit either. The card is not dangerous the user is. Believe it or not, you are the sole one responsible for your credit rating! Yes, there can be some outside influences like loosing a job or something. The card is not the perpetrator in bad credit. It is the one who uses it & does not pay the bill. Yes, there are companies that make it more difficult than others to get ahead, but they charge those fees because there are so many deadbeats out there. And they (the deadbeats) are willing to pay 30% for the use of it.
By no means am I a bank or credit card advocate (I am quite the opposite), but there is a thing called self control that is not practiced in the country. You seem to be saying you want the card companies to give you $5k as a gift! They are a business that meet a consumer need.
A credit card, is simply a tool for someone to use, just like a hammer. You can either use it the right way or the wrong. You cant blame Capital One, Chase or anyone else, that you dont pay your bills! Yes, many people in this country are financially illiterate. But if you take a minute to read the contract (yes, that what it is), it tells you what your payment is, how much you will be charged, what happens if you dont pay, etc... there is your financial education--read it first! Dont read it & say "this is terrible, - how much can I spend?" You need to say "this is terrible conditions, make it better or I walk!"
Do you think that if you spend it, you should NOT pay for it? Isnt that called theft? Perhapse the motto should be: if you cant afford, dont buy!
I certainly wish that there was more financial education. But more than that, I wish there was common sense! I Advise people financially everyday! I tell them "this is a bad deal". They just say, "its ok, thats what I want to do, I will worry about it latter." There is a difference between stupid & not knowing. When you dont know, there is not much you can do, but when do know & you do otherwise, you are stupid.
Perfect example: Just today, I had a lady come to me saying she wished she listened to me. She went to a cash advance place for $300. & agreed to pay back over $550 in 2 months! She was so surprised that they actually wanted to get thier money! Now she has over $500 in overdrafts, because they started taking out the 1st of the $90 payments! Even if they didnt take that payment, she was still writing more checks than she had money.
2006-12-15 08:39:31 · answer #2 · answered by ricks 5 · 0⤊ 1⤋
Is it really President Bush's fault that you are debt, or the fact that you want nice things and are currently unable to afford them.
Debt is nobody's fault but the consumers. When you recieve a credit card application did you read everything that came with it? If so, you must be aware of the interest rate increase after X amount of months, and that minimum payments will increase over time.
If you are in debt, don't blame white collar businessmen, blame your bad habbit of living above your income level.
IF YOU SPEND IT, YOU PAY FOR IT.... what is our economy suppose to suffer bc you want "this" but do not want to pay for it? Well, here you go, I'll ADVANCE you this money (credit), but you have to pay me back, bc it's not your money, it's mine. That is the principal of credit cards, if you don't understand that, cut yours in half and get rid of them!
2006-12-15 08:07:39 · answer #3 · answered by Mike R 1 · 0⤊ 0⤋
Here's an idea: Create a 30 minute seminar on financial management that you can offer to local high school seniors and college students in your area.
You'd be doing the world a massive favor if you really did this and did it well.
Hell, you could probably make a ton of money in the process!
2006-12-15 08:20:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It is your life...why make excuses. Have some control. The government has nothing to do with the lack of ability of people to have self-control. People are always trying to blame there faults on others. I guess that is why we have liberals.
2006-12-15 08:08:54 · answer #5 · answered by Michael S 1 · 0⤊ 0⤋