Credit Management-I wish someone had told me.

Being a lender I see bad credit management all the time. The amount of credit reports I pull; you would be amazed how many people don’t know how to manage their money. I have come to the conclusion that most Americans don’t know the value of a dollar. I am 35 and know for a fact that my generation has been spoiled to the point of no return. My generation is called the generation X.

The newer generations are even worse. They have never gone with out. Their parents just like mine always bought what their kids asked for. This is part of the problem. Our country is extremely rich and we have no idea what it is like to go with out. We have not had rough times since the “Great Depression.” If we want someone these days we just go out and charge it on our credit cards. You cannot turn on TV without someone enticing you with “no payment for 3 years.” Its kind of the “buy now pay later philosophy.”

I honestly think our kids and parents need to get back to the basics. Just because you have the money does not mean your kids need it. Buying your kids everything they want is a bad choice. All this teaches them is they can have just about anything they want.

The problem is once your kids get out on there own they will not know how to manage their money. This is because parents have bought their kids what ever they want most of there young lives.

Once your kids are gone off to college, they will have a rude awaking. Instead of saying no they will buy and get into debt to get what they want.

Most of this education starts at home by saying NO, you don’t need that Xbox. No you don’t need that etc……….

The next step is to have mandatory credit education classes in school and college. These classes should teach young people how to manage there credit, credit cards, money and overall credit report education. They also need to teach the affects of bad credit management and how it will affect your life for 7 years.

If this starts taking place I personally believe that there would be less bankruptcy, less credit card debt, because in the end its just stuff.

Author:Mike Clover

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