Devil505 wrote:I would argue that it is like blaming a heroin addict for not being able to kick his habit, while business is advertising & selling him heroin at lower prices & even willing to extend him credit to support his "Habit". We have all been turned into "Credit Addicts" by big business because they made tons of money doing it & the politicians made out like bandits with the bribes.....err........"Campaign Contributions" they have been getting.
Sure we should all kick the "Credit Habit".... but that's tough to do when your friendly, neighborhood "Credit Dealer" is standing on the street corner handing out free credit cards every day.....even to your kids now!
I can't believe you are saying this seriously. Signing up for a credit card and irresponsibly buying things on that credit is akin to addiction? Credit card companies who provide a vital service in our economy, are heavily regulated, provide full disclosure of their credit terms and rates and penalties, provide updates on those terms as they change, and compete on the open market with other reputable companies... these are drug dealers?
I suppose car dealerships hold similar high esteem in your reckoning? And Best Buy, the high cost gadget dealer... don't even get me going there. I'm sure Pablo Escobar is heading that joint up.
No one makes a person sign up for the credit card. No one makes them buy the flat screen, the xbox, the $100 sneakers, designer jeans, and all the rest that get them to their limit. No one makes the person buy the $27K car when a $18K one will do. No one makes a person sign on the dotted line for a $300K house when they could have gotten the slightly smaller, slightly less beautiful $150K one 10 miles away.
There isn't a general "credit addiction". It is called "being a dumb ass".
Note, I do not include in that "dumb ass" category those who end up in a place where they have no choice but to start dipping into credit heavily. Most of them would never have done it if not for an unexpected lost job or some other "emergency". These people aren't dumb asses, they just got dealt a bad hand and need to work through it, and the vast majority do. These cases aren't the problem. Most problem cases get into the hole through their own greed, vanity, ignorance, or pride.