Tuesday, December 16, 2008

RANT WARNING: People - Wise Up Please

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:

2.) A CAR

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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  1. Well said m'man. "Oh, those poor people got suckered by the big, mean credit card companies...." Phooey. Just more hogwash from bleeding heart wusses in the age of irresponsibility....

  2. Wow, I've only been subscribing to your blog for a few months now, so I don't know if you have any more of these rants, but wow. That was fantastic. Funny, and so true. I can never understand how these people get "trapped" with so much debt.

    Please don't hesitate to write another rant. I love it.

  3. You are absolutely correct. If this guys car repairs cost so much, HELLO! he should have gotten a different, reliable/easy to fix car! I would definitely add major medical emergencies to that list though. Or extended hospital stays. Even with insurance, they rip your ass open to find a few extra dollars.

  4. Medical bills are toughies. Sometimes you have no choice...just keep in mind that medical debt is sort of in a class of it's own and a lot of the rules and laws that apply to revolving debt like credit cards don't apply to medical debt.

    I need to brush up on those...maybe a subject for a future post!

  5. Good god - $70,000??? How on earth did he manage that??? That's incomprehensible to me. $70,000 in credit card debt alone. Something tells me he has a car payment, too. And probably a bunch of other wasteful monthly expenses.

    Simple equation: Small Brain + Easy Credit = Irresponsibility.

    Good rant - couldn't have said it better myself.

  6. I can see how stuff like this happens and it's just how you stated it. People SPEND more than they earn. NOw, I'm not about to be a hypocrite here. Personally, my wife and I owe approximately $ 25,000 on credit cards. Holy $%^# many of you say. You'd be right on that, but let me elaborate. Number one, our household income is apprx $ 180K and I find the credit card debt astounding. We have a child in a private university with huge tuition & housing bills. He's graduating in June, so that's it. We felt we're better able to shoulder debt than start our son off behind the eight ball. I realize that, despite our income, it's a big nut.

    Here's the difference, I understand that it's my responsibility and will pay it without complaint. Nobody put a gun to my head. As a country, we need to spend less. More importantly, we need to take responsibility for OUR OWN actions and stop blaming others, be it people or institutions.

  7. Oh yeah, get real smug about not having to go through what others are, during this credit fiasco. Ever hear of “Universal Default,” or “Rate-Jacking?”

    Am wondering how much of that seventy-two grand was actual debt and how much of it involved exorbitant interest rates and late fees.

    Of course there are some genuine idiots, out there. There are, also, a whole lot of small business owners, who rely upon a having a line of credit - and who are getting royally screwed, right now.

    Don’t worry too awful much about it, though. Only a lucky few of you will get to be blessed with this situation, after you lose your current, comfy jobs.

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  10. That is a lot. As one person said it would be interesting to see how much was principle and how much was compounded interest though that isn't a get out of personal responsability worthy excuse.

    While universal default is pretty scetchy (we should fix that in legislation) and interest rates can be veyr high if you don't like the conditions of the credit they are willing to extend to you then don't take it. Cut up the card and don't charge on it.

    You still make a choice everytime you use a credit card for something. As for car repairs those are (IMHO) almost a regular expense just like gas or insurance. If nothing else these definitely fall within the scope of the emergency fund.

  11. Unfortunately, I am in the same boat as I am over 50K in debt to the credit card monster. I have never bought a new car or went on vacations. What I do have is a daughter that was injured in the US Navy 3 months after 9-11. As a result of her injuries (comatose over three months) I am so far past salvage that I don't know where to go. Prior to her injuries I owed NOTHING to anyone. Just saying this to point out that not everyone in this sinking ship is a spendaholic.