President Donald Trump is already taking flack for rolling back regulations designed to keep Americans from overextending themselves when it comes to the use of credit. But this is not actually Trump’s fault; as Americans should learn to control themselves and be responsible for the money they borrow.
When Trump does things that are insane, such as start a trade war, we’ve called him out. But this time, some personal responsibility would go a long way. Instead of blaming Trump for daring to offer more freedom to the public, take initiative and understand what you are signing. No one is putting a gun to the heads of Americans and forcing them to sign up for an adjustable interest rate, 40-year mortgage with no down payment.
The Hill recently reported that Trump’s “regulatory rollbacks” would boost the chances of another recession. Trump’s administration has been wiping out measures designed to prevent consumers from being ensnared in unsustainable debt and, at the same time, eliminating borrowers’ ability to seek court-ordered relief when they are.
Just because Trump removes some regulations doesn’t mean people will go out and overburden themselves with debt, and if they do, they should have to face the consequences. Personal responsibility would go far in ensuring we have a free society, however, it certainly seems like most Americans would simply rather have their decisions made for them and then blame others when they make a bad choice.
Lenders who created the more recent mess and reaped hundreds of billions of dollars in fees weren’t held accountable, leaving consumers and taxpayers to pay the consequences of loans that never should have been made. – The Hill.
But the real question is why the heck were people taking out loans they knew they couldn’t repay or that put them in financial hardship? You are not a victim if you sign on the line, take someone else’ money, and agree to repayment terms. This is exactly why most financial and wealth advisors tell people to avoid debt like the plaque.
The real truth that no one seems to want to hear, is that those who took out these loans signed on the line and voluntarily entered into a contract. If they didn’t understand the contract, it’s their responsibility (a big scary word) to ask or seek clarity before the agreement is made and signed. That’s called personal responsibility for your actions. However, it’s lacking all over the globe, but particularly in the United States where people are always looking to blame others for their poor decisions that they themselves have made. “Blame the rich for my decision to go into debt and agree to bad terms!”
The debt crisis the U.S. has found itself in could very well cause another recession such as the one that started in 2008. This is exactly why personal wealth gurus such as Dave Ramsey and Future Money Trends‘ James Davis tell people to avoid debt if at all possible. Doing so will protect you when others start to default on their loans. You can’t default if you haven’t borrowed money. It also won’t matter what type of predatory loans exist if people aren’t borrowing that money. Personal responsibility could help lead to more freedom. If people are not free to make bad decisions as well as good decisions, people are not free.
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Usury is the name of the financial game .
Oh no…
Personal responsibility ?
Libs will make that phrase immoral, racist, bigoted and just mean soon enough.
Brotherhorse, uh, the libturds have already been doing that since the 60s.
Defaulting is YOUR bailout. The big boys privatized profits and socialized losses. Savers get 0.5% return and debtors pay 20+% APR. Wall Street borrows at 0% and you will bail them out once they’re in trouble. Feel better about defaulting yet?
Keeps telling us and telling us about the good numbers for colored people.
Will never, ever restore the social contract to WASP masculinists. Ever. Period.
Divides the Holy Land, in the “Deal of the Century”, while making lots of funky hand signals.
Why are pinkos, red diaper babies, globalists, and their enablers lecturing anybody on responsibility — Because, the free press and free enterprise has been nationalized.
“However, it’s lacking all over the globe, but particularly in the United States where people are always looking to blame others for their poor decisions that they themselves have made. “Blame the rich for my decision to go into debt and agree to bad terms!”.
The problem is Democrats, the author describes them perfectly.
We should have killed that party at the end of the civil war. Now we have to deal with them again. A divorce is in order.
rellik
Certainly “the rich” take advantage wherever it presents itself and largely have no reservations to do so at the expense of others regardless of their station in life. When the wealthy shake hands with each other they count their fingers once they pull away. The Democrats however have molded a political party around rewarding irresponsibility.
K2,
Arguably, I’m one of the land rich and cash poor “rich” people. Every one of my neighbors are millionaires in terms of land or cash or both. They are all working people. We help each other out without asking or expecting anything in return. I know of people about which you speak and they are all very wealthy Democrats. I also know people that are dirt poor, whom the rich Democrats tax to death, just because they can. So I stand by my remark, that a divorce is in order.
Aloha.
Rellik, damn right about the divorce. A divorce WITH PREJUDICE. I also hate Dems with a real passion.
rellik
Rich is relative. Retiring from 35-40 years in an oil refinery put virtually all of the blue collar people with 1-2 million in IRA / 401K plus their homes. They’re comfortable, not rich. Neither is the Physician. The Realestate developer with 10 million and up that you count your fingers if you’re foolish enough to shake their hand, Gates, Zuckerberg and the like……well its a no brainer.
Regardless the Democrats base their political party on rewarding irresponsibility.
When people borrow money they should read the fine print in the paperwork before signing their names to it. If they don’t that’s on them and no one else. There’s always a moron out there that blames his/her problems on other people when all they have to do is look at themselves in the mirror. Minority groups always blame their failings on ‘the white man’. Hillary still goes around blaming everyone but herself for losing to Trump. People refuse to take responsibility for their own actions.
Personal responsibility?
What about the personal responsibility of the people who create those horrible loans?
.
Honeypot,
Personal responsibility is what protects someone from those people creating horrible loans. I can’t stand the “predators” either but if you want them stopped, don’t do business with them.
They are just imitating the govt in spending, heck they can just imitate Trump and file bankruptcy 6 times, if the president does it, it must be a good thing, right?
Honeypot, that’s how those lenders make their money. They don’t even think about personal responsibility.
Seems simple to me. Save the money up for what you want. Over time. I’ve found many many times that by the time I’ve finally gotten the sum I needed to buy whatever it was that prompted the saving in the first place, I don’t need nor want anymore the original thing. And even more, having gained some room to dream, the next thing I happen to think I want that is worth even more than the first, I’m already on the way to that….. if I want it when I get there that is.
Heartless, you’re preaching to the choir with me. I’ve also done that other thing you mentioned on occasion, depending on the item I was saving up for. Once I reached the amount I needed, there were a few times when I found a better item for the same price or even less and bought that item instead. I just freakin’ refuse to get a credit card, buy a bunch of items, and rack up hundreds or even thousands of dollars in debt. If I can’t get some items after saving up the right amount of cash for them then to hell with it. I refuse to be like SHEEPLE.
God bless America
I wonder how many take personal responsibility for our public debt and actually pay their share.
drumpf owns it. He runs his fuckin hole and brags about all the shit he does then he can own it. He stepped into power knowing we are in a big fat bubble. Smart people don’t put their neck out. Dam right I’m gonna blame him. We need accountable leaders.
Creditors would curb the loose conditions of their loans if they knew there would be no taxpayer bailout.
Responsibility is not in our nature, as we mentally remain hunters and gatherers. When it rains abundance (easy of finance), we don’t ask questions, as it is an Act of a God. Australians have a household debt of 127% of GDP, the closest nation to Australia, Canada is at 99%, with the U.S.A at 77% (down from 99%, 2008).
When the rains ceases, there will be a financial drought. Recessions are healthy, as they clear the excesses of our stupidity, but governments now see their role as preventing recessions, and therefore allowing as to become financially obese. In 1990, the then treasurer of Australia famously called the then recession as the “recession that Australia had to have”. We need a global recession now! But the result will be brutal, but the longer we prevent this from happening, the more brutal it will be.
Getting into debt as a result of prolonged illness can happen to anyone. Even with great medical insurance, certain diseases can drain you. You do what you have to do to keep living. Granted that most Americans do little financial planning and don’t manage their money well. Other than medical, anyone making a decent salary can manage their finances and avoid debt.
So the author is claiming that the few trillion of bad loans will be the major cause of collapse as opposed to the rigged stock market and hundreds of trillions in unfunded government liabilities.
Personal responsibility…everyone agrees. But when you have no one held accountable and easily forgiven there is the root of the problem. Blaming others for your own poor decision making has become the American Way…My biggest beef is the part where it says The TAXPAYERS will be part of the solution….When does this end? Warren wants to wipe out all Student Loan debt??? What a lame appeal to the Millennial vote…
My family took it on the chin for Obama care and have adjusted our spend accordingly to the new premiums that have doubled…less discretionary income for the Trump economy…If he wants to MAGA then fix Health Care…
Trump does not, nor the people, cause recessions. The Federal Reserve causes recessions.
If the Fed increases interest rates, money will flow from the stock market to bonds for more profit. A crash of the stock market will panic the people. It will also move money from circulation to the vaults at the Fed from sales of Fed assets.
The 1920’s—1930’s depression should be a classic example of what causes booming economy or crushing depression—credit injected into the economy for consumer loans. And the Fed has acknowledged they caused the 30’s depression by removing credit (calling outstanding notes and not rolling loans over).
The 30’s depression started to recover three times and each time the Fed increased called loans to remove all gold backed (hoarded) currency in circulation. Today the Fed is used to hide one dollar of profit for Wall Street for each dollar of deficit spending. The last thing WS wants is a depression but they cannot continue to increase deficit spending for their Ponzi scheme without initiating hyper inflation. Ref. https://thedailycoin.org/2018/08/16/a-look-at-the-federal-reserve-through-a-different-lens/
This would be true IF we had real value based money. However, we have a debt based currency that the banks create out of thin air. Therefore, any contract signed with a bank is not valid because it lacks consideration. The banks do not put up anything of value on their end.
With our current monetary system, it is a mathematical fact that many debts can not be repaid, so it’s not fair to lay that blame on people not being responsible. Yes, some people are, but the much bigger issue is the fraudulent monetary system.