SterlingScott's Blog

If I get a credit card in the mail promising 1% interest for 2 years, then 25% interest after that, and I run the card for a few thousand dollars the first couple of years until I am hit with those high interest rates, is it my fault or the credit card's?
Of course it is my fault.
The mortgage mess is really the lender's and the borrower's fault. People earning 30k should not be offered a home worth 800k with 'easy terms for the first few years', and the borrower should know better.
Back to the credit cards: many more people are 'taken advantage of' in this way than in the mortgage mess, will the government bail them out as well?
My question is this: Are we all just going to stop taking responsibility for our economic decisions and are we just going to let those predators continue to hoodwink the (strangely ignorant) public?

Right, yet remember the only way the free market can sort this out in an objective way is if those predators are exposed. If you know a restaurant is bad, you won't go there, right? If you don't, you will. These lenders must be held accountable (jail to the worst, major fines for the rest. Perhaps through a rating system, as with restaurants. Also, borrowers should take an economics class before making a major purchase, but of course that is a pipe dream.