We Have to Take The Blame Too

July 30th, 2008 at 08:49am Larry Messing

After hearing about all the bank meltdowns around the country, it was nice to see the article in today’s Register Star regarding the smart practices of many of our community banks. I particularly liked Alpine Bank’s Pat Peterson’s comment… “I’ve denied people with a 750 credit score because they have a little too much credit card debt.”

As I’ve said many times in the past, I can remember my first day in college when I visited the bookstore and found credit card companies ready to sign every last one of us up. I mean, it was a great deal, though. You spent 3 minutes filling out the application and, in return, you got a free shirt. FREE CLOTHES!!!

At that age, you don’t consider that that shirt may end up costing you hundreds of dollars in late fees and interest.

While it’s great seeing banks tighten their lending practices, it’s also up to us to be smart about our finances and knowing when the debt is too much for us to handle before you get into that predicament. We must remember that, in the end, it is our decision as to how we spend our money.

Much like we can’t fully blame fast food restaurants for our unhealthy lifestyles, we can’t expect to be financially successful if we continue to be financially unwise.

Entry Filed under: Junior Achievement, Economic education, Financial literacy