Debt is what Americans are all About
Posted on August 9, 2010
Filed Under Bankruptcy, Credit, Debt Relief, Loans, Personal Finance | Leave a Comment
I grew up in a very small town, and it certiainly had many advantages . We were far astray from the craziness of big city living . Despite living in the small town, I still always tended to do things in my own personal way . I thought that if I moved to my own place, supported myself with a job, and got a credit card, then I would be living the good life . But everything is not all it seems . What younger people don’t know about credit cards is that it is what it’s known as, credit . It all has to be returned to the creditor eventually . You may have thousands of dollars in credit available to you, but you can’t just go out and blow it on things you don’t really need .
Credit card debt is one reason Americans are having problems when it comes financially . Credit card companies distribute this so called “credit”, but what you don’t know is that you have to pay it back one way or another, with interest . Because of my cousin’s experiences I luckily never got a credit card . Because I got out on my own early in life I luckily learned a lot about managing my credit . My cousin inherited some money from her dead grandfather- 14,000 dollars total . Withing 7 days that money was spent completely . She does not have money management skills. She didn’t even make a payment on her car . She had already had 10,000 dollars worth of credit card debt. She ended up losing her place , her car, and her career (wonder how that happened) .
But the lesson of this story is to learn money management early in life , by ready forums like Talkgold, and you will be financially independent in the long run . As parents we need to teach out children how to manage money as well as the negative aspects of debt. We need to infuse this negativity into them at an early age. Growing up some people never had this.
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