Financial Stupidity

It’s obvious to all that the US is in a heck of a financial mess. Numerous businesses and financial institutions have their hands stuck out wanting money from the government – from the TAXPAYERS- to bail them out. Could it be possible that their own financial problems are the result of poor business decisions and waste? Probably.

Once upon a time people had to prove they were able to repay loans before a bank would cut them a check. I know first hand. I used to work for a major credit card company. I started working for them not long after I graduated and had proven myself a good and dependable employee. I wanted to establish credit for myself, but because #1. I wasn’t quite 21 years of age (required at the time) and #2. I didn’t meet the income requirements. Rather interesting I worked for the financial institution and they paid me so little I couldn’t qualify for a credit card…. I did get a credit card, but only because my parents signed for it – they met the requirements – and agreed to take responsibility for my debts if I failed to.

Now, the age part didn’t make a lot of sense to me then or now. I still think along the lines of ‘if a person can fight for their country, server on jurys and such at 18, they should not be denied some things simply on basis of age. The income requirements, however, make perfect sense, and had these financial institutions been more cautious about handing out money, whether via credit card or loans, maybe, just maybe, things wouldn’t be in the financial mess they are today.

Just something to think about.

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