|
  |
|
|
Mistakes in Debt Management
By Ian Read of Goldfinch Enterprises
Everybody makes mistakes. Mistakes may be one of the few things that every human being on the planet has in common with every other human being on the planet. No matter how well educated we are or how street smart we are, we are all going to make mistakes in our lives. Mistakes in debt management are one of the most common of all the possibilities
Getting in over your head financially speaking has become so commonplace that an entire industry has emerged to deal with the problem. It really isn't hard to see how and why this happens. The credit card companies make getting into deep debt easy. Anybody who has a social security number can get a credit card. You fill out an application, of course, but the information on the credit card is not verified. Employment is not verified and other debts are not considered when a credit card is issued. Even dogs (the real kind that have four legs) have been issued credit cards.
The spending limit that is set on a credit card can be anywhere from a few hundred dollars to many thousands of dollars. Then we are all bombarded with advertisements for goods and services that are very attractive. Our friends have stuff, and our neighbors have stuff, and we want the same stuff. With credit card in hand, we set out to get the stuff, and suddenly there is a mountain of debt. There are about three options: debt consolidation loan, home equity loan, or bankruptcy. Most people will choose either a debt consolidation loan or a home equity loan in an attempt to clean up past debt management mistakes. Either works, but unless lessons have been learned well enough that they will not be repeated, the industry can depend on repeat business. And who are the ones to blame for all this debt why the banks of course, they are the ones that dole it out without a second thought. They are only considering the interest that they are going to get and the profits that they are going to make and therefore the bonuses for the managers, and dividends for the shareholders. Then along comes the credit crunch, they have given away all this money and the people that borrowed it can't pay it back, where did it all go wrong. |
|
 |
|
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "Mistakes in Debt Management" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
|
|
This intel was contributed by nimrod
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
