Quote:
Originally Posted by jewels
I agree, but it all comes down to consumer choices. We (hey I'm guilty too!) should know our own limits. Just 'cause they offer it doesn't mean we have to buy into it.
I know many who are in dire situations now who still feel they have to make sure their kids have what they want for Christmas. That ain't no bank's fault.  |
True. IMO, people in general think the NEED way more then they actually need. If epople sat down and did an honest assessment of actual needs they'd likely find they could cut a surprising amount of their budget.
And yes that is not the banks fault. People with mac and cheese incomes have been living steak and lobster lives for way too long. And for way too long banks have been letting them use their homes as credit cards to continue doing so.
I've done it too. I spent a ton of money in my 20's on crap I didn't need and really didn't start living more sensibly until I was nearly 30. A lot of that crap went on a card and instead of paying 2K for that big screen TV I didn't need I ended up paying over 3K for once I paid the interest. My old TV was working fine, but hey I bought the TV on sale. I can assure you any money I saved on the sale price was wasted in interest 10 times over.