posted on Jul, 24 2009 @ 11:15 PM
I've never in my life had credit. The only card I have is a debit card. If I don't have the money to buy something, I do without. It's not the
end of the world. At times like this, it's downright comforting to know I have absolutely no debts.
I feel for the millions of people who were maxxed out on credit, with a mortgage and credit cards up to their limits, spending their whole incomes
just to pay off the interest. One tiny bump, and their finances collapse.
I worked for a bankruptcy lawyer a few years back, and it was such a common story. A couple bought a house and stuff to furnish it with, then someone
had a problem. Either they had an unforeseen expense like needing a new roof or furnace, or someone lost a job, or something like that. They missed
a payment on something - didn't matter what - and all their interest rates went up. In less than a year, they'd have to declare bankruptcy and
would lose the house and a whole bunch of other things. These weren't "deadbeats", they were victims of our brutal credit laws.
We used to have laws against usury, charging too much interest. But big businesses didn't like that, so those laws were repealed. Now we've got an
economic crisis that hasn't been seen in 70 year, and that may well exceed the severity of the Great Depression.