Which Came First, Greedy CC Issuer Or Innocent Consumer?
Friday, August 16, 2013, 1:00 AM | Leave Comment
That’s like the age old question – the chicken or the egg? A lot has been said and commented on this subject. Who is at fault for the credit card debt? Is it the greed on the part of companies that issue the cards or the greed of freely spending consumers – otherwise known as innocent consumers – whose thirst for buying from their wish list instead of the need list could never ever be quenched?
Companies are in business to make profits and lots of it. When they do, the ones that are public are rewarded by Wall Street with the rising price for the companies’ shares. Everyone who owns some shares is benefited. That everyone is the people of the world, an overwhelming majority of them is American.
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A Vicious Cycle of Debt
Very few things can be considered so damaging to the consumers as credit card debt. Any resource available in the world is limited at best. But there is one thing in abundance and that is consumer debt. Very few people leave home without it and many people come home with more of it. That’s a vicious cycle that has been in existence since the beginning of known history, the last couple of decades being at the top.
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Vacuum of Credit was Created
The mindset of the consumers is always set to follow every trend of the day. The result has been that it created a vacuum of hunger and thirst – to live in style of the rich and famous – which flourished with the biggest appetite for credit in human history. That appetite did not know any boundaries of prejudice, creed, color, national origin. It engulfed most greedy – oops innocent – consumers that consciously or subconsciously wanted to get inside the vicious cycle.
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Vacuum of Credit was Filled
The credit lenders, by and large, came forward and started to fill that vacuum with the easiest possible available credit humans had ever seen before. The public responded and every man and woman tried to be the first on the block to grab the credit. Most didn’t think whether they needed the credit or not, let alone whether they could afford to pay back.
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Consumers Never ‘Owned’ the Money
Borrowing money does not make you the owner but you rent it only for certain time. It must go back to the original owner within the mutually agreed upon period. An overwhelming majority of consumers got deep in the debt shit because they thought the borrowed or rented money was theirs. They could never have been more wrong. They never thought they could lose their homes and worse, their lifestyles.
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In Retrospect
In retrospect, we must all analyze our individual situation almost every year. If some of us have been living in debt and heavy debt, first off we must take action as well as precaution against the stinking debt in our lives. Otherwise, we would keep getting deeper and deeper in debt shit.
In a Nutshell
As long as you carry a mindset in your little gray cells [Agatha Christie] that you are morally and legally required to pay back the borrowed money to its original owner within the specified time, you should do Okay and better than most.
I like to share a secret with you before I part with the keyboard. Get your free annual credit report now. And if you have not-so-good credit, take steps to improve your credit score.
Use the credit card as a convenience when shopping. Be disciplined and responsible when using your credit card.
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