The biggest news at the moment is how the United States market has crashed, how millions of people have been left homeless due to foreclosures, how so many investors have lost their life savings due to bad loans and bad debts, and how many companies have been taken over or filed for bankruptcy. Not just in the US of A, but the whole world as well.
Meanwhile, the blame for this comes down not just to head honchos for making irresponsible decisions, but to every individual on his own for fueling an existence based on virtual money that doesn't exist, including bad financial behaviour such as taking loans you can't possibly pay back, and paying using credit that you can't possibly fulfill.
No comments from me on the matter: I've been trying to read and understand the matter but I am not a financial expert of any kind. I don't understand all these complicated investment matters and new schemes that keep floating around; I'm of the old school. But I do understand a few basic things: Buy now, pay later is a scheme that leads inevitably towards ruin, one must never spend more than what one has in one's wallet, and there is absolutely no excuse for spending needlessly.
People will still indulge in credit schemes though: the temptation to be able to own something right now and pay for it leisurely is too difficult to resist for most humans. The United States Treasury Department brought out this little idea to teach people to respect the institution of credit and use it properly, to avoid ruin. I've played the game. It's a little boring, since I don't have the patience to read through all those pieces of advice, and besides the rules don't apply exactly to me, since I do not reside in the United States. But the idea is likable indeed.
Have a go. You've got nothing to lose.
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