Debt as a Matter of Life

Credit cards make debt, not safety nets

Disclaimer: There are times when going into debt is simply unavoidable. Unexpected bills, a loss of income or major life changes can throw anyone's finances off. Those are not the people I'm talking about here. I'm talking about those who go into credit card debt continually and unnecessarily.

Some time ago, I was sent a link to an article in the Terre Haute Tribune-Star called "Americans Using Credit Cards to Pay for Basics." Unfortunately, the page is no longer online, but it was disheartening to read. It's not because I think times are so tough that people are having to go into debt just to survive, but I hated it because it showcased people who really don't know how to survive without credit cards. It even evokes sympathy for them.

Mike Killian

The somewhat elusive Mike Killian has an interesting web site called "Learning Credit and Debt Management. So who's Mike Killian? He's the former Credit/Debt Guide at About.com and he's still writing and still giving great advice. Mike and I traded traffic at About because our topics worked together so well. They still do, and I'm glad to see his material is still available.

For instance, Senior Debt: A Growing Problem tackles the sad circumstances many senior citizens face on a limited income.

Credit Card's Dirty Little Secrets is written in Mike's inimitable style and a must read if you have any dealings at all with credit cards.

In these times of economic uncertainty, it's critical to know how to handle credit and debt efficiently. Mike does know and he's willing to share.

Prestigious Debt?

Something struck me the other day. Credit cards are often whipped out like keys to a new Jaguar. People like to show off what they can go into debt for? Weird world we live in... anyway, instead of going through the whole rant again, here's a link to something I wrote about it: How Can Debt Be Prestigious?

Another Rant About Debt

I've been hung up on the news lately... or certain types of news, anyway. This morning I came across a story of a couple in India who were deeply in debt, and harassed by lenders, hanged themselves.

Another, a report on a book called "Maxed Out," by James Scurlock, tells of others who have committed suicide, and mentions those who are "victims of easy credit."

Yet another states "Credit cards are forcing families to the brink of financial calamity."

I don't often get emotional about such things, except to rant a little now and then, but this breaks my heart. I found myself on the verge of tears.

We tend to look at credit card companies and other lending entities as faceless, nameless businesses that operate by a set of rules and don't really know how it affects the people it manipulates for a profit.

That attitude makes it easier to deal with them and to roll with the punches, but those businesses are set up by people. Their rules are made up by people, their profit is raked in by people. So why do we think people don't know what is happening? Is the love of money so compelling that these people will do anything to get it?

It seems so.

Sure, people who go into debt have a responsibility. I wouldn't call anyone a victim who went into debt willingly, but lenders who deliberately set out to trap people into going deeper and deeper into debt, and those who make a living harassing the same people into deep anxiety about paying that debt, are selfish and cruel.

It makes me angry to see how people are taken advantage of and how little human concern is shown. Other times, it makes me want to cry. Lost love, guilt over something one has done, despair over relational situations... while those are not acceptable for suicide or deep depression, one can make allowances. But indebtedness?

There will be those who put the blame solidly on the shoulders of the borrowers, but you just can't clear the lenders of guilt. No one who gives an inexperienced teenager a credit card or offers financing for a house to a couple who can't pay for it or writes come-ons to entice anyone and everyone to buy on credit, can be innocent.

Secrets of Your Credit Card

Frontline and the New York Times present Secrets of Your Credit Card

This is not new, but if you haven't seen it, you can watch the entire thing online whether you have a fast or slow connection.

If you have a credit card, have ever had one, or intend to have one in the future, watch it.