Ok, I think I have had enough. The Federal Reserve is looking at taking a new tactic on repairing the economy by addressing credit card use (and debt). The Fed will vote on Thursday “on sweeping reform of the credit card industry.”
I am not going to get into a “who is responsible” debate but I am going to say, for the most part, excess credit card debt is a choice. Yea, yea, I know, plenty of people have it rough and had to turn to credit cards – but that is the minority. Go back five years and there were plenty of big screen televisions and vacations thrown on those cards. Now you bail them out?
While some of the Fed’s ideas on the table are pretty good and protect the consumer, what about those people that don’t have credit card debt? It seems more and more everyday the people that are not going to get any kind of break are the ones that lived within their means and saved for a rainy day.
I see it every day. Hardworking people falling deeper and deeper behind. Not because they abused the system, far from it – Because they tried to prepare for it and did the right things; just came up short.
Would you have been better off taking a bunch of cash out of your house, buying toys and traveling, then giving the house back to the bank or getting a “forced” mortgage write down? Sometimes I wonder.
Fine, I suppose this is where you look for some witty insights to my mind. A "bio" of sorts. Here is the deal... I ride motorcycles, smoke cigars, golf, kayak, fly, race my car through the mountains, write (a lot), and travel extensively. I am almost old enough not to care what other people think about me...almost. ~Godfadr
I agree. I am so over people abusing the system. At least some of the dishonest politicians are starting to get what they had coming!
Is it just me or has anyone else noticed that the ONLY people getting any offer of any kind of help are the ones who created this mess themselves, and those who chose to get into debt themselves while the rest of us idiot have to pick up the tab?
Godfather Added: “Check Please…”