Americans Are Gullible To Lenders Heart Content

Monday, May 18, 2015, 6:00 AM | Leave Comment

I am reading a book that David Bach wrote and edited in September 2010. The name of the book is “Debt Free For Life”. So far I have picked up a few points that I like to share with you. He starts out writing each point with “We have been misled to believe.” I agree.

But who are we? We are American people, a mostly gullible people that believe everything the government tells them, that believe everything the banks and other institutions tell them.

Americans Are Gullible To Lenders Heart Content

The American people must be the masters of their own financial domain. It is they who should make decisions for themselves. It is they who must determine for themselves how much they can afford and how much to borrow.

They must resist organizations and financial institutions shove debt down their throat. Call it greed that existed, still does and always will on both sides of the spectrum, that of the lender and the borrower.

David Back makes the following points:

  • Misleading Advertisement

    We have been misled by billions of dollars worth of advertisements that get us to buy things we don’t really need. Nobody ever forces us to buy. Our own greed overwhelms us.

  • Misleading Credit Card Industry

    We have been misled by multi-billion dollars credit card industry that tell us the good life can be ours for the taking when we use their credit cards. It was Americans’ extreme gullibility to follow through. Nobody tells me how to live my financial life but me.

  • Misleading Lending Banks

    We have been misled by banks that loaned us money for homes they knew millions of us could not afford. Why should I let anybody shove unnecessary debt down my throat?

  • Misleading by the Subprime Lenders

    We have been misled by subprime lenders who promoted the idea that we were “silly” to keep equity in our homes when we could cash it out to pay off credit cards. We are silly to the point that we have become extremely gullible to accept anything from anybody whether we can afford it or not.

  • Misleading by Tax System

    We have been misled by a tax system that promotes heavy borrowing by offering tax deductions. I am gullible to the point that I borrow beyond my means that I know I will not be able to pay it back.

I say we have misled ourselves

If I am greedy, let me be. Why should you be? If banks and other lending institutions are greedy, why should we be? We can always blame it on others. That’s very easy. Blaming ourselves is probably the hardest thing to do.

No matter how much the Federal Reserve, SEC and the Treasury install financial hooks and nooks in the system, it is us and us alone who must bear responsibility for our own debt-laden life and for own spending beyond our means.

In a Nutshell
All Dave’s points are simple points to understand. We have lived, more like slept, under the cover of greed.

There is no explanation for human greed. It is we who have to remove the blanket of greed forever and instead live comfortably under the blanket of debt free life.

We must be the masters of our own financial domain, not banks, not the tax system, not anybody. We just simply have to blame ourselves for our own doings. That’s how we can learn from our own mistakes and not from the mistakes of others.

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