credit dolts

From one of citizenJoe's readers. Thought it was posting for all to see:

I'm sitting at a small used car dealership in North Carolina and it probably seems as far distant from the hustle and bustle of financial markets and Washington D.C. as one could get. Good! It is my personal belief that we have heard every story, from nearly every angle, every perspective and every political point of view out there until we quite frankly have had our fill. What about real people, real life, and actual experience to at least get a distant glance of real world life for the "common Joe?" I know that the polls and reviews are out there trying to do just that, but really now, how much can we really glean from them?

Here then, my current wonderings and comments. Today I am amazed by the young couple that just left my office. Here are there top three questions they asked that left my head aching:

#1 If we don't make our payments you're saying the bank can take our car?

#2 If we are late on our payments does it count against us?

#3 Nobody cares if we pay those credit cards do they?

I'm not pointing fingers, or mocking true ignorance but where did these twenty somethings grow up? How do you get to be a grown adult with children of your own and not understand the very basics of credit responsibility? With a combined disposable income monthly of over $1600 how in the world are you four payments past due on an $80 credit card bill? Why are the "x" generation of young adults such credit dolts?

I guess if I'm looking honestly in the mirror I have the answer. In my personal experience with my college grad children it's because we haven't trained them better to handle money and credit. My kids have had it handled for them, handed to them and been "took care of" long past the point of reason. But speaking from the ground, the front line if you will, the buck stops here. Today forward I will make a real effort to educate not only my own, but anyone else's children to the advantages of responsible debt and money management. As a matter of fact I'm calling the local high school today and speaking with the principle about a mini-class that might actually answer questions from a real world perspective for young people that need to know the truth. Will it help? Will they listen? Who knows? It certainly can't hurt.

turned around

yeah, i got turned around on this whole thing. I was told that to be responsible by Bush that you had to spend and when I was a little younger I was a citizen of America, a dining and drinking and laughing citizen when I realized that it was all bought on credit. No, lady, those kids would have found those credit cards anyway... f.k.

a random Joe (not verified) | November 14, 2008 - 8:07am