What do you fear about retirement?

Oct 28, 2010

Retirees Blaming Credit Cards for Their Debt Are Not Taking Responsibility

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 was my comment on the article:

    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

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