Tuesday, October 14, 2008

Credit and Debt

I am lucky that my parents instilled a sense of being frugal into me and taught me to not embellish spending. I just finished watching a movie called In Debt We Trust. You can watch this on the web on this link.

I had heard of this problem before. Credit and/or credit card companies target vulnerable students who are not psychologically prepared with the pitfalls of lending. Youths are enticed with offers of credit cards and the allure of "buying now, paying later" not realizing how not paying the credit balances on time could and will eventually lead into a cycle of perpetual debt. People's lives are ruined in the blink of an eye of a miscalculation of the power of credit and shatter futures one by one on a daily basis. It's crazy to think we live in such a world of greed and capitalism, with the rich feeding on the poor and misguided.

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