I’m not sure what the hell is going on in this world anymore. But, if I ever have poor credit, it will always be my fault unless…
- Someone held a gun to my head and demanded that I max out my credit card on their behalf.
- My identity was stolen and the thief used it to acquire credit in my name, without having the decency to pay the debt.
Beyond that; I don’t understand how anyone could say that, “Unmanageable debt isn’t my fault.” “Yet,” I’m hearing an increasing number of advertisements, put out by debt consolidation companies, which suggest otherwise. Some make it sound as if we are the victims; the big bad banks tricking everyone into spending cash they don’t have.
“Hell,” even the state of New Jersey Housing and Mortgage Finance Agency is offering programs to help people avoid losing a home they probably shouldn’t have taken a loan out to buy in the first place. Why is our government making financial negligence an excusable act?
“And,” if one is going to borrow a hefty sum of money for any reason, isn’t it the borrower’s responsibility to take into consideration the possibility that an involuntary loss of employment income may occur at some point down the line? Isn’t it a borrower’s responsibility to plan for a possible reduction in household income due to underemployment, or other demonstrated financial hardships; medical expenses, divorce, disability, or death being the usual possibilities in anyone’s life these days?
How is it a bank’s fault if we are stupid enough to mismanage the credit line we’ve been offered? How is it the government’s responsibility to clean up our messes; paying off the banks “We The People” have foolishly taken money from?
Why is it that everyone seems to think it’s perfectly normal to make corporations and government responsible for that which we ourselves are too cowardly to accept responsibility for? When do we recognize, “As a people,” that we are the architects of our own disasters; not just responsible for creating them, but cleaning them up, too?
Personally; I’ve had my share of debt. I’ve also been fortunate enough to be able to eliminate it, too. I’ve never missed a payment, even when money was extremely tight. But, most important of all I think is the fact that, “I never asked for anyone to clean up my debts.”
The help I have received with my debt over the years has never been expected, or even demanded; me personally sacrificing whatever I needed to in order to guarantee that all my bills were paid.
I don’t bitch about the money I don’t have. I don’t fault other people for having money, either, if they gain it honorably.
How people manage their debts, to me, is a clear indicator of their level of honor and integrity. If one is unwilling to return a borrowed buck to the bank; clearly, they can’t be trusted in other areas of life, either.
30 year loans are not a blessing from God. They are a disaster waiting to happen.
My rule of thumb for making any purchases these days is simple. If I can’t pay off a loan in 6 months, “Comfortably,” I have no business borrowing money on any line of credit. If that means I can’t have some things then, “So be it.” I can sleep soundly with this because I know that those things the Lord truly wants me to have will be sent my way; no line of credit necessary at the end of the day.
“Bottom Line?” If you can’t handle your money to save your ass, “Don’t take out any loans until you can.” If you’ve made a mess, “Clean it up yourself.”