Bah! Humbug! Are there no prisons? No workhouses?

[essentialsaltes]

At this festive time of year, Mr. Scrooge, it is more than usually desirable that we should make some slight provision for the poor and destitute.

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'The Urge to Splurge' from Newsweek starts off with a bang:

"No interest until 2014," read the massive red sign outside Big’s Furniture in Henderson, Nev. It beckoned Diane Lewis to the store’s year-end liquidation sale. “I had to pull in,” she said as her sons frolicked on mattresses nearby. “We really need to get us a new bedroom set; their old one is kinda beat up. If we can get that financing deal, we can make it work.” As with most in this hard-hit region, the economy hasn’t been good to Lewis, whose husband just got a new job after being laid off for eight months.

They’re two months behind on their mortgage, “but we’re gonna catch up,” and she figures the family probably owes about $20,000 on various credit cards. “I know I probably ought to wait a little longer,” said Lewis, a hairdresser, “but this is a pretty good sale, so I think we might buy something if they’ll approve us. I mean, 2014 is a long way off, you know?”

Comments

[zorker.livejournal.com]

...
This is why I think they ought to have basic financial education classes in high school. Just covering things like balancing a checkbook, how credit works, and *not buying new junk when you are behind on payments*.
I had a friend who worked at a credit card company for a while in customer support. He finally quit because he kept getting in trouble with his supervisor for explaining how credit and interest worked to people and why they couldn't just extend their credit line when they maxed it out.

[(Anonymous)]

I completely agree, though I'd take it one step further and require a basic microeconomics class.

Donovan

Another priceless comment

[essentialsaltes.livejournal.com]

“After a while, I just decided, ‘Screw it. I need some new clothes. I’m going to get them.’ My mama’s not happy, but I don’t care. You stop spending and you stop living.”

Re: Another priceless comment

[ajax.livejournal.com]

But how can I stay asleep and watch TV at the same time?!

--- Ajax.