I need to leave the DVR on and snap some photos of that small print that lasts maybe 1.1 secs.

This is exactly the same issue as the securitization of mortgage loans. You are intellectually dishonest if you treat corporate deadbeats and individual deadbeats differently. The woman mentioned in this article is SETF(Small Enough To Fail).

A large proportion of bankruptcies involve serious medical problems. In any other industrialized country this woman would have received medical attention at minimal personal cost. This medical system would be, per capita, much cheaper to operate than the American one. It would also, very likely, produce a much healthier public.

Credit card companies specifically target the people most likely not to be able to pay back their debt. There is a name for this: loansharking!

Corporations are able to roll their short term debt(similar to credit cards) into long term debt(similar to loans) easily under ordinary market conditions. Individuals get hosed by the credit cards and are only offered consolidation after they are ruined.

There is an social problem (excessive materialism)and an institutional problem (total lack of regulation) going on.

Inflation(Everything is becoming more expensive + Wages and job creation are stagnant) + Easy Credit = Debt * Everyone = Financial Collapse?

Blaming credit card companies for outspending your income and running your life into the ground is the same as blaming a drug dealer for selling.

Ultimately, its YOUR choice to either be a cost-conscious consumer who lives within their means or a hyperconsumer (like this lady here) who spends every penny they have, and then takes out lines of credit to perpetuate the myth that they are ‘successful’.

Less talk about debt people and more action on getting out of it, regardless of who is at fault.

One thing we need is laws or consumer loan regulations that prohibit minimum payments less than 5%, or maybe higher for unsecured credit debt. The shift from 5% to 2% minimums allowed VISA and Mastercard to earn billions, and was also the beginning of this spiral.

I don’t care if it’s a rental agreement at U-Haul, or a second mortgage, or a credit card. If you don’t read what’s put in front of you before you sign it, you deserve whatever you get.

Lending institutions are in it for a profit and have been since their inception. They are happy to prey on human weakness and will push it to the limit any way they can, every time.

This lady and millions of others have a problem often exaserbated by poor judgement, a series of bad choices and more often than not, bad luck. They need help, not ridicule.

I don’t think it’s a stretch to believe that people tend to lie more about money than any other aspect of their lives… often even lying to themselves.

Debt is a house of cards. Avoid it if you can at all costs.

Needs versus wants, tempered by reality! It’s always a dilemma!

Cheers!

—RASTER

>>I have adopted my grandpas idea of “if you can’t
>>pay cash you don’t need it.”

That works, unless it’s a heart transplant or cancer treatment. Then maybe, even if you can’t pay cash, you DO need it.

>>Do you have a gallon of Mazola and a drop cloth?

Now that was tasteless.

At least you could have suggested using mayonnaise. We condiments have to stick together.