As a nation and as individuals we are drowning in debt. That is the truth. The credit card companies and government have made us into ‘loan junkies’.
We are living beyond our means. So then why is our credit rating as a country so good?
The reason is that a lot of it is foreign money. You see countries worldwide have excess money to invest. They feel US is the most ‘safe haven’. So they all invest here in US. And we falsely think that if other countries think we are worthy then we must be “worthy”!
WRONG! One look at our deficit and you will see that we have been living large and spending stupidly.
I will give you an example as a nation and as individuals how we are letting our thinking get corrupted. In case of national spending error. Take the classic example of Iraq. Before the war, Bush and his henchmen Wolfowitz, touted that the Iraq war will not cost us anything. Wolfowitz came on talk shows and said that Iraq produces $12 billion in oil revenue each year which would cover the cost of the war. As if to say that even if things were to go well they would hand over all their revenue to us. Because of this stupid thinking we have now spent over $500 billion and counting. This is without taking into account the human toll in lives, which is priceless.
As individuals, look into the real estate market in any major city. The prices were soaring. Loans were being given if you could sign your name. Everyone knew this was a farce and yet it was perpetuated. A loan company was asked whether they were concerned if the loan would be paid back. Their answer was ‘Not at all’. What they do is turn around and sell the loan to the South Koreans and wash their hands off it. Next day they write more loans. And so the downward spiral continues.
I am sure your mailbox is full of credit card company offers trying to entice you to a new credit card or a new loan. Why are they doing it? Very simple. Under our current laws the credit card companies can charge exorbitant interest anywhere in excess of 20%. The type of rates loan sharks used to charge. So it has now become legalized loan sharking.
Our government has also become a ‘spend and put it on loan’ monster. They just print more money and borrow from other countries to pay for the excess.
What is the solution? We need to start living within our means. Stop this run to Starbucks for a $3 cup of coffee that is less than 25 cents worth. Stop getting the most shiny car with the latest gadgets. Same goes for homes. Just because you are making more does not mean you turn over to a bigger house. If you have to have a credit card, get a free one from LookupCreditCards website. If there is not a need, then don’t do it just to keep up with the Joneses.
Think how fortunate you are that you have the resources to buy a new car or house. But that doesn’t mean you splurge. Conserve the resources you have been given and please don’t waste them. You are disrespecting the ‘creator/giver’ and hurting yourself in the long run.
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Till Debt Do Us Apart! have 653 words, post on ezinearticles.com at July 30, 2007. This is cached page on Game Breaking News. If you want remove this page, please contact us.