There is something wrong with American life when it is so easy to get into debt way beyond your ability. It is getting to the point where I see the lending industry as predatory. Banks used to encourage saving, but when they can post more revenue from lending, the whole financial landscape has changed. And the credit card industry should be ashamed of the amount of interest that they charge their customers. The number of people in Chapter 11 and Chapter 7 now, far exceeds the number during the Great Depression.
I must get 10 offers per week from lending institutions and credit card companies. They offer large amounts too. I feel like Faust being tempted by the devil. The offer is instant gratification and the payoff is a bitch.
My father told me a long time ago to avoid borrowing and that it leads to financial slavery. How true and how wise he was when utter those words.
No comments:
Post a Comment