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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: mishedlo who wrote (193164)9/22/2002 3:03:49 PM
From: Oblomov  Read Replies (2) of 436258
 
Mike, I think that both the bank and the borrower have responsibility for ensuring that credit be extended prudently. But, why should discharge of a legitimate debt be easy or painless? The people that I know who have become overindebted have either

1)chosen to live beyond their means
2)chosen to take too many risks with their money
3)had unplanned expenses, such as from an extended severe illness

The problem is that many Americans identify themselves as being consumers, rather than producers. They would rather consume than produce. In the case of #1 and #2, overindebtedness is the result of deliberate choices by individuals, whether or not they perceive them as such.

(Also, I would say that the likelihood of #3 is precisely why one should budget savings)

People who chronically blame others, whether it be credit card companies or "the company store", for their troubles, aren't likely to succeed no matter their circumstances.

How many spendthrift lottery winners go bust within a few years' time? Was it the fault of the lottery that they spent too much and went bankrupt?

Maybe my views seem insufficiently compassionate. This is not intentional. I was raised in a family that was successful, saved, and maintained a "depression mentality" regarding money.

This said, I do not know the details of this bill, and so I can't comment on it.
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