The issue is pretty simple – You have no one to blame but yourself if you get into trouble with your credit card debts. Despite the strong call from several financial management experts that we consider other short term credit instruments, such as payday loans, UK consumers seem to have this unexplained attraction, albeit disastrous, to these plastics.
Some pundits and observers put it more succinctly and declare that credit card companies and banks are methodically dragging consumers to their “financial sinkholes.” They do this by dangling hard-to-refuse rates and deals that have been twisted to the point that consumers fail to see the risks that such offers bring to them.
Unfortunately, it all comes down on how we make our choices. We cannot simply scramble and start looking for a scapegoat for all the miseries that we are experiencing right now. Definitely, we cannot always pin the blame on inflation nor can we opine that we were unknowing victims of dubious credit card companies.
The writing on the wall is very clear – You cannot just go out and spend without clear direction and justification and put the blame to all and sundry but yourself. Whilst it is true that your innate profligacy to spend as if there is no more tomorrow can be partly attributed to the convenience that credit cards offer, one would still have to remember that everything that happens to us is due to the choices that we make.
Surely, we can make a strong case when we insist that credit card companies are engaged in deceptive marketing tactics and we may even prove that they deliberately concealed the true cost of their products. Still, at the end of the day, we have to ask ourselves how we were able to allow ourselves to be influenced by such deceptive acts. The real story behind all those financial miseries is that things are what they are now because of the decisions and choices that we made in the past and we are responsible for what we are experiencing right now. It is your responsibility and yours alone if you choose not to avail of payday loans and end up in a serious financial morass later.
It is quite pathetic when we readily go into this “blame game” for the all our financial woes. We must remember that it is our primary objective to manage our finances properly and take full responsibility for all the choices and decision that we make. Whilst it is true that credit card companies should make sure that they are offering affordable rates to their clients, we must understand that they must also protect their interest and ensure that their business remain viable.
All those rate cutbacks and special deals will mean nothing to us if we cannot properly manage our debts and pay them on time. Banks and credit card companies may be duty bound to adhere to fair lending practices, but they should not be expected to go any further and give you more than what is required of them. The fact that they have provided subprime lending service to consumers was no more the reason for all the financial woes that we are experiencing right now than the undeniable fact that most of us have been engaging in reckless and irresponsible spending and applying for loans that we cannot possibly afford to pay.
