Blame The Kids For All That Red Ink

[GeneratorDC]

by Bob Sullivan
Half of all Americans don't pay their credit card bills every month. A new study suggests you can blame the kids.

Robert Manning, who exposed America's bad debt habits in his book Credit Card Nation, recently conducted a series of focus groups to explore consumers' seemingly irrational spending habits.

He found that many Americans aren't the selfish super-consumers they have been made out to be. Instead, much of the nation's exorbitant consumer debt is the result of parents -- and grandparents -- trying to give their children the best of everything. The single most important factor underlying high debts is the "elevated lifestyles" parents provide for their children, the report found.

How about putting some of the blame on the credit card companies, how many aplications do you get in a month?

[Army_of_One]

Originally Posted by GeneratorDC

How about putting some of the blame on the credit card companies, how many aplications do you get in a month?

You can get 1000 of those apps a day but that CC app doesn't fill it'self out, sign it'self or mail it'self.....so lets put the blame where the blame lies...on the consumer. That's one of the problems with our society...people have become to quick to pass on responsibility to someone else....

[GeneratorDC]

I'm not saying the credit card companies should get all the blame, cause if you fill them out, you accept the responsiablilty. But if you fill one out, you are more than likely to get a card, it may be a at 20% or greater interest fee.
And the credit card companies love you when you make the minimum monthly payment. I just think it should be alot harder for some people to get credit cards.....

[Highwayman]

Does everyone know that minimum monthly payments are going up next month?

[TexKan]

I don't own a credit card......... I have found living within my means and having a savings put aside is a whole lot cheaper.........

[K C Muffin]

Yep - the minimums are going up. Suits me fine. Haven't paid the minimum in some time - usually charge what I can afford to pay the next bill - I like the idea of keeping a card active "just in case" so I charge regularly. But I always pay the balance. No fee, no interest.

Some of the blame belongs on the consumer who over-spends without considering where the payment will come from. Some of the blame belongs on the credit-card company that continues to bombard people with apps when they know nothing about their credit worthiness.

Let's call it a draw. But let's not blame the kids. Whose big idea was it to try to buy their love in the first place?

[TexKan]

I think Dr. Spock started all this sh*t.......... I'm so glad the only Dr. Spock that got my attention was Mr. Nemoy...........LOL

[Lone Gunman]

I remember 4 years ago when I went with my youngest son to Lawrence for student orientation at KU. There were credit card companies everywhere trying to sign incoming freshman up for credit cards. I couldn't believe how many were actually signing up. I remember thinking what happens when they get the card and max it out and don't have the money to even pay the minimum, who's going to pay? The parents of course. Why do Universities allow this to happen on their campuses?

[TexKan]

Cause the Universities get sumthin somewhere out of it - whether it be a sponsorship for a program (which probably is sports orientated) or a booster for their band.......there is an exchange somewhere I bet. Maybe it's a nice dinner for the pres..........

[K C Muffin]

I remember the same thing happening when my youngest went for his Freshman Orientation. They were offering a T-shirt for signing up. Son wanted the T-shirt. He signed up. The card came to the home address. He and I agreed that I would keep the card and if he were ever in a "pinch" he'd use it. He never did use it and I think I cut it up a couple of months ago - he's been married for two years! There were a bunch of them signing up that day - even with their parents watching. I guess some parents think their kids can be trusted with a $2 or $3 grand credit balance. I knew better.