I found this article in USA Today and it really irritates me. We are now reduced to blaming credit card companies for people losing their houses.
Next the tooth fairy cutting back will take it on the chin...thousand of homes foreclosed on because mythical figure leaving less coinage under childrens pillows.
People have dug themselves into a majority of these situations. There are of course exceptions where hard working people have hit a rough spot or lost a job but many simply SPEND MORE THAN THEY MAKE. Is that such a hard concept to understand?
There is a guy in this article, well shit let me just quote it...
"Spaulding, 40, says he's a conservative spender who got trapped under $70,000 of credit card debt and high finance charges after 15 years of relying on his credit card for emergencies, such as car repairs. In a letter to the Federal Reserve, a bank regulator, Spaulding complained that "credit card companies are the reason why hardworking Americans like myself struggle for years.""
A CONSERVATIVE SPENDER???? $70,000 in credit cards??????
Please tell me I am not the only one who thinks this is unbelievable?
Here is the kicker....wait for it....wait for it....
"Spaulding complained that "credit card companies are the reason why hardworking Americans like myself struggle for years.""
Are you kidding me....holy mackeral....let me rephrase that for you.
Spaulding complained that "hard spending Americans are the reason why hardworking Americans like myself struggle for years.""
We are our own worst enemy....STOP WITH THE CREDIT ALREADY!!!
There are only 3 things I would ever have debt on and for many folks it is unavoidable - and it should be minimal debt - not on a McMansion for instance:
1.) A HOUSE
2.) A CAR
3.) AN EDUCATION
Other than that if you can't pay for it with cash for cryin' out loud don't buy it.
I may get some hatemail on this one but so be it. Stop buying stuff and maybe you'll have some money in the bank.
...then again anyone who reads this blog probably knows this :)
...that is all.
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