For general discussion and debate. Possible talking point: Who's responsible for the growing credit card debt?
Let's be frank here. In an embarrassing number of cases, cardholders blithely rack up charges without a thought to payment. Consumer plastic has become the perfect dance partner to our irrepressible need for instant gratification. I want it, I buy it, and some day I may pay for it. The soul-searching question do I have enough money? doesn't always enter a purchase equation. Unlike that old-style method of layaway so popular during my childhood, charging gets you the coveted item NOW, not when you've finished paying for it...This is about living high on the hog without thinking about forking over the bacon. As consumers we owe nearly $1 trillion in consumer credit, and card debt has increased by 25 percent in the last decade. Granted, penalty fees are ridiculous, and about one-fifth of those carrying debt pay 20 percent in interest, surely loan shark-level rates. Nevertheless, we must bear responsibility for irresponsible spending and short-sighted decisions.
Read the whole piece and offer your thoughts.