I am SO SICK of the government throwing money at banks and big businesses, claiming it will stop the recession and save America's economy. I keep hearing talk about how tossing money at the banks is intended to encourage them to loosen up credit restraints, so that Americans (that means you and me) will spend more, thus increasing our personal debt. ??? WHAT are they THINKING????
Where's MY bailout? Who's rescuing ME (& my family) from MY financial demise? They want me to spend more? Max out MORE credit cards? Then who's paying off those credit cards? I'm trying, but how can I at 27.99% interest (or more)? You have GOT to be KIDDING me! Is that teaching our kids financial responsibility?
I grew up watching my mom pay with credit cards, muttering under her breath that she really didn't have the money to buy that new outfit, but doing it anyway. Later, they gave credit cards out in the college cafeteria, along with free candybars. I got 4, just to get the chocolate, even though I didn't have a job. Yea, that's right -- the companies gave them to me, knowing I had no income. I ruined my credit by the time I was 20. Later, when I tried to buy a house (8 years later), I had to beg for mercy to get a home loan, because of those slow-pay marks on my credit history. About a year after getting in the house, we refinanced and took out cash to pay off maxed-out credit cards. Later, we refinanced again, and took out a 2nd to pay them off again. So here I sit, with a house that I'm pretty much upside-down on, wondering what to do, trying to pay off (once-again) maxed-out credit cards.
Don't get me wrong--I'm not blaming anyone else for my financial irresponsibility. I've over-spent, suffering from the desire for instant gratification that our generation has grown up with. While I definitely was NOT taught good spending -- or SAVING -- habits, I'm an adult, and I must take responsibility for my own desire to acquire. I grocery shop with a list and no kids; I avoid those wonderful stores that sell everything from Avocados and Ace bandages to Zoo Pals and zebra-striped socks. (Sorry, Tarzhey & Super Wally-Mart!) I try to use cash whenever possible. My debit card has become the bane of my existence, causing me to wonder constantly if we have enough money in our account. (Thanks to "courtesy clear," we can potentially be $1000 in the hole before the card stops working!) How does anyone track all those receipts, anyway?
Still, I wonder if I'll be able to pay off my credit-debt by the time my kids are in college. Even, by the time I retire. I'm worried.
So, I ask again, Where's MY bailout?
My proposal:
I really believe the government should do one of several things:
1) Require these bailed-out banks and businesses to forgive the debts of every credit account holder they have, in return for Federal Tax-payer dollars. (Then, they need require the banks to reduce credit card limits and interest rates!)
2) Impose a mandatory "Interest Holiday" for at least one full year, for all consumers who hold credit accounts with these bailed-out banks and businesses, so that all payments the consumer makes go straight to reducing principal amounts.
3) Cut a "bailout" check to every person who files an Income Tax Return in 2008. NOT to those who are behind on taxes or who avoid them all together. Make it good. $50,000 (tax-free) would make a HUGE difference for my family. Then I could pay off my debts and spend a bit!
Write your Senator! Write your Congressperson! Write your mother! Tell everyone you know: "Stop the Insanity!"
