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We see it all around us. :’-(
People with no real economic safe ground wander off on tangents where they spend money long before they actually have it. In Denmark financial institutions offer to lend people money up to even 112% of their market values of their homes.
Stay tuned to read the awful truth of our “lending mentality” and what it will do to our future generations…
It is terrible to watch: people over-extend their economies to a degree we have never seen before. Historically, so many owe so much to so few people that it should make us all sick to the stomach and get a GRIP of our lives.
The Good Old Days
Back when my parents’ generation were kids, credit limits were based upon personal knowledge and acquaintance at the local mini-shop or at the butcher’s. Today, one call or one e-mail to the local banking contact, and you can extend your Visa, MasterCard etc with a certain amount.
Gone is the concept that borrowed money must be paid back. “It’s logical” is the usual reply, and borrowers know full well that their paying will [and at some point payment history] be smaller with an unknown banking contact compared with actually having to contact your own bank advisor.
Fact is, all over the world some people have spread their activities into several banks. One for their salaries, one or more for credit cards and private loans etc.
Main goal: extension of credit…
How will people train their kids to appreciate savings accounts, when they clearly show the opposite by their actions. My best advice: think before you over-extend again.
One day your opportunity to do so will be 0 (ZERO), and then waking up might prove more painful than taking action now while it is not an immediate necessity.
Good luck!
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Today there are so easy to get credit card! But people don't have enaugh financial education and make horrible bad decidions. So we can see so many people paying only the minimum payments, spending more then they can afford etc. But all points are kept in your credit history for 7 years. So we should be very careful with paying bills and therefore your credit history. Credit report contains even information how yuo payed your telephone bills. And your credit report has stupendous affect your life. If you want to get credit card or car loan even when you are looking for job your credit report will be checked.