Credit Card Debt, and the good of the recession

Common sense. Simple term. Everyone says, or at least thinks they have it, but on a daily basis, I learn this is not necessarily true. Common sense would tell you not to spend more than you have, or make. Common sense would tell you not to buy a $400,000 home when you make $30,000 a year. But what makes it so hard to follow this simple rule? To be honest, I have not figured it out yet.

Credit card companies used to make it so easy and possible for anyone to get a credit card. Luckily this recession has hit. I say luckily cautiously because of the pain and suffering it has caused many, and taken the American dream away from so many hard working families. But are the credit card companies to blame? Or are we, the card users? I say the card users.

The banks obviously love the interest and overage charges they make from consumers on a daily basis, but, on the other end of the spectrum, they should have not been giving credit cards to Joe ditch digger with a $15,000 credit limit. So, again who is to blame? Joe the ditch digger. And not even Joe the ditch digger so much, but the Parents, teachers, and friends of Joe. The major flaw in society is to keep up with Bill Gates and Warren Buffett. The problem is, there truly is only 2 of them, and roughly only 1% of our society can buy anything they want without any worries. The rest of us, live the American dream, work hard, save your money, and then when the day comes when you can pay cash for something, man what a great feeling. Your parents and teachers should have taught us that when we were growing up, mine did.

Conclusion. Again, simple. If you make $40,000 a year, spend $35,000 and save $5,000 this year. You may say I have bills to pay, and this is important. But remember the age of truth. Pay yourself first, you have earned it.

One more thing. Mr. Obama, this applies to you too. Since you are head of the corporation of the United States of America, you should be fired, just like any other CEO would have been fired for spending trillions more than in your budget. Common Sense Mr. Obama, common sense. Do not bury the country millions have worked so hard to build.

More Tomorrow.