Hey Actus! Are you by chance on the college debating squad?

This latest reform is a start, hopefully the lending rates will be the next focus for reform.

That’s why I avoid credit cards like the plague. Generally speaking, if I can’t afford it now, I don’t need it. It’s been 10 years and I and my wallet feel fine.

When you said “if you can’t afford something without a balance” I thought that meant without borrowing. Sorry that I didn’t ge you meant just credit cards.

So basically you just think that there ought not to be any credit level borrowing? Ok. I’d say the best way to achieve that would be to have laxer bankruptcy laws. Because then the lenders would stop lending.

It’s up to the individual to make wise choices.

So your solution is to not have any borrowing. sounds great!

READ THE CONTRACT. Never let a credit card run past the due date, and avoid all the interest. If unable to afford something without keeping a balance on the credit card, DON’T BUY IT.

We don’t have to blame anyone if everyone is doing it. Nor do we need blame to regulate.

“Can’t afford the miracle cookware? Put away the credit card. ”

Part of the problem is also balloning rates. Rates that change. Do you think borrowers have similar economic forecasting abilities to lenders? Who is a more efficient predictor of interest rates? Me or MBNA?

BUT… the bottom line still has to be the assumption of responsibility by the consumer to handle his or her finances. Can’t afford the car? Don’t sign the deal. Can’t afford the miracle cookware? Put away the credit card. Can’t repay the loan? Don’t borrow.

In looking at an efficient allocation of resources, it is no way tangent to approach a transaction from both sides.

Bankruptcy is about the morality of both parties. I have yet heard a case that it is easy. It is easier for businesses to do it though: they can just dissolve.

Interesting as that tangent might be, it has nothing to do with the responsibility of the borrower to follow through on his obligations.

If my business extends credit to a customer who finds himself unable to pay on time, should I just blame myself for opening the account and write it off? No, I’m going to go after the deadbeat, and hope that lax bankruptcy laws don’t allow him to slip out from under his responsibility. Remember, he owes ME, not the other way around.

Who said its a picnic?

“This is about personal responsibility. Don’t borrow if you can’t afford it”

I agree with responsibility. Don’t lend if you can’t lose it. I’ve had friends ask me for money before, and I’ve turned them down.

This is about personal responsibility. Don’t borrow if you can’t afford it. Just like buying the right size shoe, it isn’t a difficult concept, but folks need to accept responsibility instead of looking to blame someone else for their lousy choices in life.