Comments on: Bankruptcy Reaching New Highs, Highlighting Importance of Financial Responsibility http://finance.youngmoney.com/credit_debt/bankruptcy-reaching-new-highs-highlighting-importance-of-financial-responsibility/ Money: Earn it, Invest it, Spend it Fri, 19 May 2017 17:24:17 +0000 hourly 1 https://wordpress.org/?v=4.7.5 By: KM http://finance.youngmoney.com/credit_debt/bankruptcy-reaching-new-highs-highlighting-importance-of-financial-responsibility/comment-page-1/#comment-5734 Wed, 16 Jun 2010 17:37:59 +0000 http://finance.youngmoney.com/careers/bankruptcy-reaching-new-highs-highlighting-importance-of-financial-responsibility/#comment-5734 This should teach our society a lesson about the importance of having a credit history. If someone like me, who is young and with absolutely no debt and never having had a credit card, is seen as high risk and will not be given a loan for a house sometime down the road, then it’s the wrong message the credit card obsessed society is sending the younger generation. We are basically being told that we need credit cards in order to establish our credit history, without any regard to the fact that some people can’t handle the responsibility of only using what you can pay back quickly, which ends with way too many young people collecting huge amounts of debt before they even have a stable job. What the message should be is “wait until you are older and have a good, stable job before you go into debt and only do that for valid reasons, such as a car or house loan instead of using a plastic for every purchase.” And yet there are still articles like this being written, when it’s already too late.

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