This is an excerpt from a recent article titled More Retirees Bankrupt, Blaming Credit Cards which reported on a study that found some retirees are having a hard time with their debt management.
- Credit card fees and interest rates are the factors most often cited by elderly bankruptcy filers, according to the study. Two-thirds of those age 65 and older blamed their credit card for leading them into bankruptcy, while only about half of those under 65 listed this as a reason. In fact, the data also showed that the elderly tend to have accumulated about twice as much credit card debt as younger bankruptcy filers.
- This statement is highly questionable:
- "Two-thirds of those age 65 and older blamed their credit card for leading them into bankruptcy."
- Have these people ever considered blaming themselves for their debt instead of the credit cards? Credit cards can't act on their own. Plain and simple: These people are responsible for their debt and not the credit cards. These 3 inspirational quotations from The Sensational Quotes Website should put things in perspective:
- "Ninety-nine percent of failures come from people who have a habit of making excuses."
- — George Washington Carver
- "Take your life in your own hands, and what happens? A terrible thing: no one to blame." — Erica Jong
"If your daily life seems poor, do not blame it; blame yourself, tell yourself that you are not poet enough to call forth its riches."— Rainer Maria Rilke
- Unfortunately, many North Americans now suffer from a sense of entitlement and are not willing to take responsibility for their lives. This has in part contributed to the serious economic conditions today.
- If people learned how to save and pay cash for anything they purchased, we would have few people in serious debt, and more people who would have a better retirement plan.
- I worked less than half of my adult life and I have no debt problems simply because I learned a long time ago how to live way below my means. Incidentally, I drive a 1995 Camry even though I can purchase a brand new car for cash. (See these car quotes to get a better grasp of why cars can create debt problems for you.) What's more, I have about 10 credit cards but have never paid one cent of credit-card interest in the last 20 years. This is a result of taking responsibility and not blaming credit cards or others people.
- Ernie J. Zelinski