There are lots of families who - who make irresponsible purchases. There are also a lot of families who have debt on credit cards because they use those credit cards to pay for medical bills.
Sentiment: NEGATIVE
Families out there know that if they get in trouble and they've spent up a bunch of money and they've borrowed and they are up to hock to their necks, the thing they've got to do is start paying off what they owe and cut back their spending.
We all know of families who have obligated themselves for more than they could pay. There is a world of heartache behind such cases.
You don't realize how much you use your credit card not even to buy things. It's a card you get so you can navigate society.
The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
Nobody had a credit card when I was a kid. No one had credit card debt. But these big companies and banks wanted to know how to get more money out of people - get them charging things.
Some economists estimate that for every family that goes bankrupt, there are about 15 more who are in the same amount of financial trouble and would profit from bankruptcy but just haven't filed.
No one should go into debt if a family member gets sick or injured.
Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It's a trap for the rest of your life because the laws are designed so that you can't get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.
When I was young, people lived from paycheck to paycheck. Today, it seems like they live from credit card payment to credit card payment.
Family responsibility, yes, and always. Family bankruptcy due to the cruel rules of government, no.
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