Tilted Forum Project Discussion Community - View Single Post - What Happened to Personal Responsibility?

NoSoup · 10-14-2008, 04:13 PM

I was chatting with an aquaintance today, when she brought up the fact that her car was likely going to be repossessed. Through the course of the conversation, she basically said that she was unable to make her payments because she took out some loans from the payday loan places. She is of sound opinion that it isn't her fault her car is being repossessed, but the "greedy bastards" at the loan place.

Although I've held this opinion for a long time, this brought it back to the surface.

Why don't people take resposibility for their personal (poor) choices - especially when it comes to finances?

In light of the housing market, credit crisis, etc, I don't see why everyone is so quick to blame banks and credit cards for coming up with the products that they did - the only reason they are successful is because the consumers continue to utilize them.

It isn't as though folks couldn't understand what they were getting in to - they need to sign documentation that discloses all the fees, interest rates, etc right up front. The consumers decide to sign the paperwork and take on the terms, noone is forcing anyone to do so. Although circumstances are rare, there may be times where that payday loan or 1 year ARM mortgage is the best choice for the consumer - but that's up to the consumer to decide, not the bank offering the product. In fact, can you imagine the uproar that would be caused if someone was denied something someone else had based soley on the fact that they didn't "need" it?

I know a lot of people are of the mindset that the companies practice predatory lending and mislead borrowers, but the reality is this: You (the consumer) signed up for it. If someone told me that if I sign the dotted line that I'll owe them $10,000 and I chose to sign it of my own free will - who is to blame? Is that even predatory? If, given that I chose to sign it, I pick up arms to fight the very freedoms that allowed me to sign it in the first place?

10-14-2008, 04:13 PM	#1 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	What Happened to Personal Responsibility? I was chatting with an aquaintance today, when she brought up the fact that her car was likely going to be repossessed. Through the course of the conversation, she basically said that she was unable to make her payments because she took out some loans from the payday loan places. She is of sound opinion that it isn't her fault her car is being repossessed, but the "greedy bastards" at the loan place. Although I've held this opinion for a long time, this brought it back to the surface. Why don't people take resposibility for their personal (poor) choices - especially when it comes to finances? In light of the housing market, credit crisis, etc, I don't see why everyone is so quick to blame banks and credit cards for coming up with the products that they did - the only reason they are successful is because the consumers continue to utilize them. It isn't as though folks couldn't understand what they were getting in to - they need to sign documentation that discloses all the fees, interest rates, etc right up front. The consumers decide to sign the paperwork and take on the terms, noone is forcing anyone to do so. Although circumstances are rare, there may be times where that payday loan or 1 year ARM mortgage is the best choice for the consumer - but that's up to the consumer to decide, not the bank offering the product. In fact, can you imagine the uproar that would be caused if someone was denied something someone else had based soley on the fact that they didn't "need" it? I know a lot of people are of the mindset that the companies practice predatory lending and mislead borrowers, but the reality is this: You (the consumer) signed up for it. If someone told me that if I sign the dotted line that I'll owe them $10,000 and I chose to sign it of my own free will - who is to blame? Is that even predatory? If, given that I chose to sign it, I pick up arms to fight the very freedoms that allowed me to sign it in the first place? __________________ I have an aura of reliability and good judgement. Just in case you were wondering...