Your Responsibility Or Theirs

In today’s society, it is perfectly acceptable to blame others for your shortcomings and mistakes. It is hard to find people who are ready to accept personal responsibility for things that are going wrong in their life. We all seem to be looking for a handy scapegoat who we can blame for all of our misfortunes.

Whether credit card companies are responsible for the amount of debt in which the British people now find themselves is a matter up for debate. Ultimately, the consumer is the individual who makes the decision to charge purchases for which they may have no money to pay. People are constantly being told they deserve what they want right now, regardless of whether they actually have the means to pay for the purchase or not. How is it the credit card issuer’s responsibility to ensure that consumers use their card in a practical matter and not just as a piece of plastic to instantly gratify any need whether it is a necessity or a luxury?

Accusations Against Credit Card Companies 

The companies who issue credit cards to consumers are doing so not because they genuinely want to help you out, but because they are in this business to make money. They will often extend credit way beyond what the average family can support. When payments are missed or late, they normally pile on fees ensuring that your debt rises even further. Then to add insult to injury, they will often have the audacity to raise your rate of interest on your outstanding balance because you are now considered a high credit risk. How is this supposed to help the consumer pay off their debt? Aren’t these practices more likely to drive the average family into severe debt, or even worse, bankruptcy?

Your Personal Responsibility 

Many consumers who end up drowning in debt from credit that is readily offered are uninformed about financial matters. Credit card issuers don’t encourage consumers to be financially savvy. This would prevent many people from making the mistakes that are allowing credit card companies to make such huge profits.

Many governments around the world will make it harder for an individual to rid themselves of debt from an unsecured credit card. This bill will also require that individuals filing for bankruptcy will need to receive credit counseling before they file for bankruptcy. They will also have to complete a course in financial management after declaring bankruptcy in order to eliminate their debt.

Giving someone a credit card without sufficient financial advice and education is like giving someone keys to a car when they don’t even possess a license and have never even taken a driving lesson. It is possible to learn to drive by making some minor mistakes along the way until you finally get it right. Although that approach may be suitable for driving a car, your financial future depends on the decisions you make today. Unfortunately, they can’t be repaired as easily as a dented wing.