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USA is a CONSUMER GLUTTON


mangerhotel
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In the USA consumer credit debt is at unprecedented levels, this is a major problem for the country as a whole. I am an anomoly my debt is small only 25k on 1 credit card....most people are in much worse condition. Credit Card companies are legalized loan sharks with a HUGE lobby. Sad day for the US.

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Its a little more deeper than just that...

Credit card companies give a lot of us what we want... That is, to buy things that we don't have the money for... And to get instantly approved for it...

Its more on the level of materialism...

And the same goes for a lot of other big ticket consumer goods like cars, etc...

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Ha, that's what I call them too. Legalized loan sharks. It's usury, plain and simple. We pay back the actual debt several times over, but end up going into bankruptcy because we can't afford to pay the outrageous interest as well. They might as well break our kneecaps.

I'm an even bigger anomaly than the OP. My debt is under $500. And it's never gone over $600 in the past 5 years. Getting my kneecaps broken once was enough for me.

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All it takes is for people to exercise self control... nobody is out there twisting arms so they purchase a big screen TV...

I have no unsecured debt-but I do have a house and a car... and a nice savings account and I dont think that I'm missing out on anything...

Of course it wasnt always that way-but I learned my lesson very early in life!

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All it takes is for people to exercise self control... nobody is out there twisting arms so they purchase a big screen TV...

I don't know about that...

Every time I am in Circuit City, this one 42-inch High Definition Plasma wide screen TV starts calling out my name... And then it tells me how good it would look in my living room... And how vivid the Spurs would look winning game after game... And that everybody up and down the street already has one...

It is really hard for me to cover up my eyes and ears whenever I am inside Circuit City...

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Thank God I didn't inherit the shopping gene from my mom! I'm pretty immune to the siren song of consumer excess... I guess that's rare for a woman. But I wish I could pass some of my Circuit City immunity on to you, Wolfie. My bedroom TV is fairly new (3 years old) but my living room TV (a mere 27"!) is going on 13 years old. I'm more than content with both until they stop working. :wink:

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All it takes is for people to exercise self control... nobody is out there twisting arms so they purchase a big screen TV...

I don't know about that...

Every time I am in Circuit City, this one 42-inch High Definition Plasma wide screen TV starts calling out my name... And then it tells me how good it would look in my living room... And how vivid the Spurs would look winning game after game... And that everybody up and down the street already has one...

It is really hard for me to cover up my eyes and ears whenever I am inside Circuit City...

:ROFLMAO2:

nice... thats me at the Apple store... But I still leave empty handed!

:wink:

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I think the marketing folks prey on our inability to delay gratification, as well as our inability to say NO to our kids. If I had grown up when I should have and been a stronger parent when I was raising my daughter I wouldn't be going through this now. I couldn't possibly drop her off at school in front of "everyone" in a car I could really afford and I have clothes on my CRs that she insisted on when she was in Jr. High School! Considering that she graduates from college in June.... :oops:

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I hear ya about the kids!

Ours is 19 now and in the Marines so he's starting to understand about need and want! And thank god so far he learned from my mistakes. I have him so afraid about credit he wont sign ANYTHING without calling me first!

:shock:

:wink:

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I am grateful to my parents for teaching me at an early age about the responsibilities of money. If I have the cash to buy it and it's a need I would, if not I just dream until that day.

I would LOVE to get some BIG screen TVs and the sophisticated stereo systems in our house too :) but I can't see myself charging for them, knowing I can't pay them off right away(considering our other responsibilities) and I'm not putting money away for them either, oh well. Maybe I'll win one some day :lol:

Our Debt is at about $3000 :?:roll: this year I am about to change all that! and bring it down to $500 like LNY :)

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Having a really small apartment with only two closets helps. You get into the habit of dreading the idea of finding a place to put MORE STUFF. :shock:

But generally, I buy very few things that I don't need. After a while, it becomes second nature. Also, I'm single, live alone, have no kids and don't drive. I also don't drink or smoke. So I'm not going out and charging meals, movies, trips, gas etc. on a regular basis like other people. Although I also don't get to split my bills like other people. I have to come up with $1600 a month for rent plus gas heat, electricity etc. on my own. That ALSO helps you not want to run up CC debt!! Trust me!! :roll:

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LNY I can relate! :D I don't know what is more challenging: a single woman supporting herself in NYC or San Diego. My basic bills run about $1600 a month too but that includes gas and car insurance and a small car payment. My apartment is 2 bdrm 2 bath and costs $1015 a month. it's comfortable, roomy enough for me, an occasional guest and 2 kitties. I own exactly what I need to be comfortable and anything more would be a burden. I love living a simple life! I'd move to a studio in NYC any day, just to live there-NYC rocks.

BTW, I just pulled TrueCredit and a CA was deleted! YAYYYYY!!!! I disputed online with EQ (the only one this TL was on) on 1/4/06 and they only took 2 days to delete xThudx 2 OCs and 2 CAs to go.... :rainbow:

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I have a tiny 1BR walkup (attic apt.) and the rent is $1600, plus heat and electric, which run another $250 a month. Of course then on top of that is food, cell, landline, cable/internet, travel, charity, retirement savings, my niece's college fund, and STORAGE!!! My basic bills run about $2500 a month. So as you can imagine, there's not much left to pay credit card bills... obviously it's better not to have any!!! And it's better to get out of the habit of buying stuff you don't need.

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Wow. You single women need to get out of those big cities!! I'm also a single woman on my own, but my bills are only about $500 a month! I share a 3 bedroom house on 5.5 acres with a roomate, 3 cats, and 3 dogs. My share of rent is $275 a month and an average of $100 for utilities. I have no car payment, but I do have a horrible car addiction which sucks up some money at times. (I have 7 cars and usually at least one needs something fixed on it, lol!) That's why I work on them myself for basic maintenence and such.... saves ALOT of money.

But yeah, I couldn't imagine having to shell out so much money just for RENT! Hats off to you ladies! And another woman here who doesn't have the shopping problem. I hate shopping. An "impulse buy" to me is a pack of gum or a magazine in line at the grocery store, LOL!

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Wow. You single women need to get out of those big cities!! I'm also a single woman on my own, but my bills are only about $500 a month! I share a 3 bedroom house on 5.5 acres with a roomate, 3 cats, and 3 dogs. My share of rent is $275 a month and an average of $100 for utilities. I have no car payment, but I do have a horrible car addiction which sucks up some money at times. (I have 7 cars and usually at least one needs something fixed on it, lol!) That's why I work on them myself for basic maintenence and such.... saves ALOT of money.

I was wondering about that myself but I didn't want to say anything... Here in San Antonio Texas, you can get a really nice brand new 3000 square foot house for $1600 a month...

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Yeah, I hear that! I'm looking at moving out west right now because even here it's getting too pricey to live. I'm lucky to be in a good situation here, but the house will sell soon so I have to move. And I just can't afford it on my own around here anymore. Alot of people around here have already gone west... I'm thinking about it now too......

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I will fully admit I am a shopping addict.

I also work my butt into the ground to make sure I have what i want and get things paid off.

I use my cards but I learned the hard way that it isn't free money.. it always had to be paid back. Sadly.. I didn't even know how to balance a check book even in my 2nd year of college. Screw the algebra and geometry... we should have basic education (at the very least) on management of our finances.... I think that would help the country as a whole to get out of the money driven materialistic mind frame. But thats just me.

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Like I said in another thread recently, I have taught myself to adhere to one basic rule above all else... if at any given time, I can't pay off all my debt at once without feeling it, I have too much debt.

I don't have a lot of choice but to rent. The cheapest, nastiest little shack in a dicey part of town runs about $400,000. In my neighborhood, you'd be lucky to score a basic 1 BR house for under $600,000 (even 1 BR apartments run about a quarter-mil). And there ain't no way I could ever qualify for that chunk of change. Unfortunately, rent is pretty high around here, although I am totally overpaying for what I have... but I found a landlord who would take me with a past BK, being self-employed, and breaking my previous lease, so I took what I could get.

Cole, you have SEVEN CARS?! :shock:

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i find it quite funny when people call credit card companies loan sharks. people apply for these loans. the fact of the matter is, either they don't care, or don't read the agreement they are signing to. you can't place the blame of one's mistakes on the credit card companies, it doesn't work that way. the fact is that some people don't have any self control when it comes to credit cards. we see them almost as free money. i have seen people with 10 different credit cards, which, in my opinion, anything more then 5 is putting yourself up for a bad spot! we just need to learn, as a people, how to better control and manage our finances, and know that there is no such thing as free money. everything you borrow will need to eventually be paid back, with interest!

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Just because people in dire need agree to pay the outrageous interest rates charged by loan sharks doesn't change the fact that they're loan sharks. Loan sharks are those who charge unnecessarily high interest rates, just because they can. Whether or not their victims agree doesn't change the definition of "loan shark."

Your logic is flawed. If a terrified woman submits to a rape, does that mean the rapist isn't really a rapist? No. It means the repressed are usually forced to submit to their repressors out of necessity. The repressors are still in the wrong. Getting away with it doesn't change that.

Credit card companies are loan sharks... with a powerful lobby. Usury laws should apply to them (and yes, usury is a crime, whether you agree to pay or not). There are credit card companies out there charging 30%, just because they smell blood in the water. Like, uh, sharks.

http://www.bankrate.com/brm/news/cc/20020320a.asp

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I agree with you BUT.... I think people need to be taught how that works.... kids get lured into applying for card in college by a free tshirt or what not.. before they know it they are a few thousand dollars in debt and learn how to dependon these cards.

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And who, deliberately and irresponsibly, preys upon people they KNOW can't afford credit? That's right! The credit sharks. They know full well what they're doing. They're preying on those they figure will be easiest to lure; the ones with the least amount of knowledge and experience, so they can have them on the hook for life. They're like drug dealers in playgrounds. Hanging around kids, offering them free goodies in hopes of a lifetime of addiction. I'm sorry, but they need to take their share of the responsibility for the situation because they actively seek out people they figure might be ripe for the picking. That's no accident.

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then protest and don't get credit cards. the fact of the matter is, especially from what i see here, most people know what it is all about. yes there are circumstances i have seen that are ridiculous...but we need to have more credit education out there. i have seen individual who have had cards since 1979 and managed to maintain a 7.9% interest...so obviously they're doing something right...right??

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