ladypatriot
Recycles dryer sheets
- Joined
- Jun 21, 2008
- Messages
- 121
I read the article by Morgenson, watched the videos, read David Brooks' opinion on the article, and finally read through the posts on this thread. I spared myself the slog of reading through the article's comments section.
I feel compassion for Diane McLeod, and for the millions of other people just like her. It must be frightening to lose everything because of one's own foolishness. We cannot see the weight of that reality through a video or sense it through the reporter's words.
While I feel compassion for this woman, she alone bears responsibility for her situation. I honestly don't blame the credit card companies; they do what they do to increase profits for their shareholders. Without shareholders, the company collapses. If the company collapes, shareholders lose their money. Without credit companies, people who need money for unforeseen situations (emergency car repair, emergency dental work, etc.) can't get a legal loan. Credit card companies are supplying a product people demand.
Buyers of products are responsible for understanding what they are purchasing, and in accepting the terms of payment. Did Diane McLeod understand the type of handbags she was purchasing? It seems so; but it also seems that she gave less consideration and thought to the credit product she was purchasing than the handbags.
When the reporter, Morgenson, comments that people need credit cards to "make ends meet," I wonder why those "ends" are so far apart. People who need credit cards to "make ends meet" are different from people who use credit cards to cover a temporary cash shortage due to an emergency situation. The former are those for whom credit card debt is a way of life.
DH and I have financial independence. We are completely debt-free; no mortage, no car payments, no credit card debt. And while I feel good about that, I also remember what it was like to be ass-deep in debt. I never want to be in that place again. So I can't bring myself to sneer at Diane McLeod. She is a foolish woman, and she's likely very frightened.
I feel compassion for Diane McLeod, and for the millions of other people just like her. It must be frightening to lose everything because of one's own foolishness. We cannot see the weight of that reality through a video or sense it through the reporter's words.
While I feel compassion for this woman, she alone bears responsibility for her situation. I honestly don't blame the credit card companies; they do what they do to increase profits for their shareholders. Without shareholders, the company collapses. If the company collapes, shareholders lose their money. Without credit companies, people who need money for unforeseen situations (emergency car repair, emergency dental work, etc.) can't get a legal loan. Credit card companies are supplying a product people demand.
Buyers of products are responsible for understanding what they are purchasing, and in accepting the terms of payment. Did Diane McLeod understand the type of handbags she was purchasing? It seems so; but it also seems that she gave less consideration and thought to the credit product she was purchasing than the handbags.
When the reporter, Morgenson, comments that people need credit cards to "make ends meet," I wonder why those "ends" are so far apart. People who need credit cards to "make ends meet" are different from people who use credit cards to cover a temporary cash shortage due to an emergency situation. The former are those for whom credit card debt is a way of life.
DH and I have financial independence. We are completely debt-free; no mortage, no car payments, no credit card debt. And while I feel good about that, I also remember what it was like to be ass-deep in debt. I never want to be in that place again. So I can't bring myself to sneer at Diane McLeod. She is a foolish woman, and she's likely very frightened.