A Penny Saved

Can you imagine life without credit? And yet at one time in the not so recent past (at least for those of us over 40!) credit was only for things like houses, maybe if necessary a car. And even then significant down payments were required. We are a society addicted to credit and instant gratification. This “I have to have it now” mentality will lead to ruin.

I have heard many reasons for our recent financial turmoil. Some blame lenders, some blame congress and lax standards, some blame Fannie Mae, some blame the people who took the loans, some blame the people and institutions who repackaged and sold the loans.

Ultimately, I blame myself. Every time I say “I’ll just put it on credit”. Or every time I say “I want it now”. When I fall for the but-it’s-on-sale lie. When I do this I contribute to the problem of living beyond my means. Yes, I always pay off my credit card, but at the expense of saving or paying down other debt. And it is a bad example for my family and friends.

I think it is time we stop blaming others and accept our own responsibility. Which if we really think about it, personal responsibility is what caused the problem.

“The rich rules over the poor, and the borrower becomes the lender’s slave” (Bible, Psalm 22:7)

“The wicked borrows and does not pay back, but the righteous is gracious and gives” (Bible, Psalm 37:21)