Radio, television, internet, and mail have been flooded lately with ads pertaining to credit card, mortgage or other debt payoff. The adds try to appeal to those buried in debt by referring to debt as if being some sort of cold people have been catching.
"Are you in debt? It's not your fault! Are creditors calling you? Stop the madness!"
It's simple isn't it? Free individuals are incurring debt and then are expected to pay it back. The idea of credit exists for a reason and it would seem we've lost our way somewhat. If you give everyone a card that will allow them to buy whatever they want, a mortgage to buy a house, a loan to buy a car, and whatever else, many of them can not and will not pay it back. Seems like lately we're seeing it a lot. I can't say I feel too sorry for the banks that are luring in people and giving them credit cards and allowing them to buy houses they cannot afford. The banks most certainly share the blame, as does the Federal Government for interfering with the free market. But let's be honest, the people that get these cards and charge them up and buy cars they can't afford and mortgages they can't afford are mostly to blame. It would seem that owning a house is slowly becoming viewed as an entitlement. If you can't afford something, you shouldn't have it! Society doesn't owe someone something because they have lost any asset that they shouldn't have had to begin with. And each time that happens, someone else is having to pick up the slack. The "greedy banks" that loaned the money to begin with is just going to pass the expense along to the rest of us.
Most that have lost their home do not necessarily fall into this category. I'm certainly not suggesting that anyone that has debt or anyone that has suffered foreclosure is part of the problem. We've all had debt and we've all likely struggled. I'm not lumping everyone together. In fact, I'd suggest that a lot of hard working people are now struggling more than they should have to in part because of the irresponsibility of others. The whole notion of defaulted loans and not paying back credit cards has become an acceptable pastime for some. What ever happened to fiscal responsibility? People want something so therefore they should just have it? Never mind that they cannot afford it? If someone borrows money they should have to pay it back or lose the asset. What is this idea that we need to bend over backwards to keep people in their homes? If you've run up a credit card debt of $20,000, why should it be ok that you just pay back $5,000 and call it even? The banks will take it because it's better than nothing but why is society today so comfortable existing in this unsustainable, broken model?
We've truly become a spoiled nation of people that have this sense that they should have the same things as anyone else. It's simply owed to them somehow. Any hardship is likely someone else's fault. For some, declaring bankruptcy is a form of "sticking it to the man". Isn't this going to eventually catch up with us? My generation is going to get old and most won't have two nickles to rub together for retirement. Then it's going to be up to someone else to provide for them. Sure, they had some nice things, lived fairly comfortably, but didn't bother putting anything away for retirement? And why is that? It's too hard? It's unfair? How many people can seem to come up with money to pay to have cable TV, a cell phone with a data plan, high speed internet, multiple televisions, expensive hobbies, and so on and so on and so on but won't put anything away for a rainy day or for retirement? We've lost our way as a society. Far too many are irresponsible when it comes to their finances.
I'm probably coming across as harsh, insensitive or an ass. And that's probably because we seem to be expected to accept all this debt and irresponsibility. Don't we still want standards and accountability like the generations that preceded ours? What are our children going to think when they are having to support our sorry asses? Future generations are going to be left with less and less, not to mention the trillions of dollars of debt we're leaving them in the form of national debt. We need to get off our asses people. We need to stop spending money we don't have, as individuals and as a society. Future generations are depending on it.