from the article,”In New York, their clients’ average debt is $18,000, and half have incomes under $10,000. “
More than enough fault to spread to the lender,the borrower and well as the politicians for not dealing with this issue 20 years ago.
I can’t possibly explain to you how incredibly “money stupid” people are.
(Now you know how I ended up in plants. They don’t talk back!)
We have a million issues in our education system right now. But IMO, there is nothing that is bigger than this one.
Trust me, you haven’t lived until you’ve sat across from someone who had no stinkin’ notion that accepting the 24 credit card offers in the mail, might actually not be a good thing!
They don’t know that bad credit (once you explain what bad credit is) can PREVENT them from getting the job that they need.
They don’t understand that drug tests are for economic reasons (to weed out potential thieves), not for insurance reasons.
We have a big job ahead of us.
*banging my head on monitor*
Somewhere the risk/costs were taken out.
I suspect an entire generations of socialized Americans are unfamiliar, more and more, with the notion of paying.
The lenders are in the business of knowing who they are lending to. It is their problem. Maybe if lending loan losses were not wright off( ible ) that would tighten their act up.
The government wanted masses to buy stuff so that they could collect sale, excise taxes, and ‘spur/warp/distort/stimulate/corrupt’ peoples economy( ie, make them non frugal, non economical’ Turn them into unthinking, a political consumers. Sheeple.