adults facing adult consequences of making adult decisions. i don't see a problem per se.
responsibilities can be tough, especially for unforeseen events that are unplanned for, but isn't the debtor the one who made the decisions?
Maybe debt management needs to be taught in high school ?
Spoken from a person who already has their house paid off, or locket in a price that is probably 1/4 of the current asking price of ones house. It's a little different for people now-a-days. You have to fork over a ton of cash to live where the jobs are at, AND where you don't dodge bullets to get to and from work every day. I'd like to see YOU try to buy a house in Northern Virginia now if you were in your 20s and didn't have money from Mommy and Daddy to help you out. Stop looking down your nose at those just starting out now.
But, can't the government make it so that we never have to face the consequences of our decisions ?
It's only fair since the rich people already have all the money and they don't need any more.
Nah! Society and enviroment made/forced/pummeled them to "do it."
I have to say that credit card companies have to carry some of the blame. Sure there are many who use credit irresponsibly and some who just get in over their head due to a medical crisis or some other situation that eats up their savings.
Not too many years ago, a person requesting credit had to qualify. There were reasonable, realistic debt-to-income ratios you had to meet. Now, they're completely unrealistic. They'll give someone right out of high school a card with a $1000 limit on it. The problem is that four different cards will do the same thing. A college student with four maxed-out cards will be paying for the next 30 years. It is never intended for them to pay the cards off. It is indentured servitude!
When we bought our home in 2000, they told me I qualified for a mortgage WAY more than I'd ever consider borrowing. Many people buy homes that go right up to their limit and then get a second mortgage that just pays the interest on the primary loan. It's nuts!
In Israel, based on the Mosaic law, unpaid debts must be discharged after seven years. That sounds like a free ride to someone who wants to abuse the system, but it doesn't work that way. You see, the companies that lend, know there is a legal out for the debtor. Thus, they have to be more careful to whom they extend credit. The person has to show a likelihood that they'll be able to repay within the required time. It keeps the creditors responsible as well as the debtor.
If bankruptcies and foreclosures are increasing, irresponsible lenders share in the blame.
GW