I guess I need to apologize – not to anyone in particular – but for getting uncharacteristically heated about predatory lenders.
I wish I could make myself clear about my issue with the problem. First, I’m NOT, in any way, trying to say that people are not responsible for taking on debt, but that seems to be what people read into it when you take a stand against predatory lending practices.
For instance (and I’m NOT comparing this as if they are somehow alike) – a person with a drug habit was at one time responsible for his own decisions and the circumstances brought on by the habit. But, for some reason, he made the wrong decision. A person who has never tried drugs is responsibleness for his decisions in accepting them – but, for one reason or other, makes the wrong decision. Okay – he DOES make the wrong decision. It was HIS decision, as has been stated, because he has “free will”. HOWEVER – do you feel that the drug dealer does not bear any responsibility for his part in a person’s drug habits? No, I realize drugs and debt are not the same – only in the fact that they each have two sides, both bearing responsibility for something that is wrong.
That is how I feel about predatory lending. The person making the decisions to accept credit cards certainly does have free will – no one is forcing him to take credit. But he, like the drug addict, feels he’s in a hopeless situation that only a credit card will fix – and there’s the big lender, ready to give him a fix.
That’s all I’m trying to say. We don’t look at drug dealers and say “Well,they should be allowed to practice their business, because in the end it’s the drug user who has to be responsible”. That is just not true.
Oh, well, I don’t know why I feel the need to justify my feelings I don’t owe that to anyone.
In a perfect world, people would, as someone said, people would refuse credit or pay off their balances – and the credit cards companies would not be allowed to extend credit to people whose credit reports and history proved they did not make enough money to afford the credit, or were a poor risk for any reason. Like I said, I dream that that will happen.