Comments on: Credit Cards: Bad? Continued..

By: Ares Vista

Ares Vista — Fri, 15 May 2009 18:36:49 +0000

It is clear and obvious that credit cards are not for everybody. But the credit card companies do not do enough to educate the public about their options and obligations. This is the equivalent of the housing bubble, people borrowing money they can’t pay back. How is this being tolerated?

By: Neil

Neil — Sun, 10 May 2009 08:32:05 +0000

I think that it’s interesting when you get two opposing points of view debated in a constructive manner (rather than the “shouting” that so often serves as debate on the web).

The real extremism of some financial advice (and I’m not including either of you in this) can have the result of turning people away. Perhaps sometime a little more pragmatism is required if financial advice sites are to be of genuine assistance to ordinary people rather than a tool to inflate the blog owners ego.

But then again I’ve suffered a financial crisis so what do I know

By: Brad Chaffee

Brad Chaffee — Sat, 09 May 2009 05:05:19 +0000

Very nice response! I think you are right in that we agree on financial responsibility which is good. I guess where I am coming from is that when people have a problem with something you usually do not ask them to continue doing what they have been doing. For instance you do not tell and alcoholic that is trying to quit to drink as long as they maintain self control. People with a problem have already proven to lack self control which is why it became a problem. Would you agree with that?

I think that people can be taught self control. With what I believe, addressing the behaviors that caused the problem is key. For the record, although I am completely against owing anyone a debt, just like Dave Ramsey, I think that a mortgage is not the end of the world. It usually appreciates, and because of the size of a mortgage, people just can’t wrap their heads around 100% cash down. I can and see great benefit in doing so. I appreciate the healthy debate that has taken place.

Thanks for your thoughtful response!