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Dishonest Lenders or Lack Of Personal Responsibility

by Ted Batron

Did you guys and gals see the Boston Globe article where Dara Duguay, director of Citigroups Office of Financial Education say that high credit card debt is is a major consumer issue. Well, no kidding. According to some of the data out their, credit card debt increased by over 5.5 billion dollars in May 2008 alone. That means that credit card debt is approaching 1 TRILLION dollars. This really represents a major problem for the economy.

The housing market is laying there in a smoldering heap, and I don’t think we have reached the bottom yet. The dollar is falling faster than Lindsey Lohan after a party at Snoop Dogs house. Food prices are rising, gas prices are through the roof. People are not spending real money - they are buying on credit.

Reuters reported that video games took a huge spike in 2008 over 2007. But not surprisingly, that spike came right after the stimulus checks went out. The porn industry also reported a big spike at about the same time. So to avoid their economic woes, people seem to be engaging in some escapist behavior.

People seem to be becoming less and less practical. Engaging in compulsive spending, and disconnecting themselves from rational financial decisions. People are spending more than they earn. I hate to sound a little unsympathetic, but logic tells you that if you make 60k a year, you can’t buy a $600,000 house and a BMW. Unless you live in Miami - I knew guys there that lived in million dollar condos and drove Ferraris and never had a job in there life - but thats an entirely different economy. For most of us, those huge expenses just represent massive amounts of debt, and eventually you have to pay the piper.

People are more and more likely to try to absolve themselves of responsibility by blaming their “bad home loan” on dishonest lenders. And I agree, there are a lot of less than desirable lenders out there. But to the best of my knowledge, they haven’t forced anyone to take a loan that they didn’t agree to.

I guess the moral to this story, is if your going to spend over half a million dollars, you might want figure out how your going to pay it back.

I’ve gotten into a lot of situations in my life where I wanted to blame others.  And without a doubt, others are partially responsible.  But the problem only resolved when I accepted my own involvement, and came up with a solution.   If your reading this, it means that you have gotten to that point in your life and your financial salvation is just around the corner.  Good luck.

I’m interested in your comments and opinions in this area.

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