Is bad credit really your fault?

I think people should be responsible for their debt when it was their fault. However their are certain circumstances where debt isn't your fault. For example, my husband racked up all kinds of credit card debt and since we had joint accounts, I got stuck with some of it. Now my credit is junk because I couldn't' afford the payments. I am hoping the stuff just falls off of my report soon.

I'll admit, I have somewhat bad credit, and it is my fault. Before I had my daughter, I was a big spender. I went shopping. One time, I spent $344 on Christmas decorations AND presents. I was just fresh out of high school and I didn't know the repercussions of what my actions would do. If I didn't have cash on me, i'd whip out the credit card. That also goes for all of my hospital stays. Now, i'm in the process of fixing it up. I'm paying off old debts and any new ones. I'm becoming more frugal and only buying the things we need. Every once in a while i'll buy a treat for us, but that's if we do really good for atleast 2 months. I finally gained some self control of my spending and now I know that I shouldn't have gotten the credit card if I didn't know what would happen. So my bad credit is my fault. End of story.

I think it's both. It's human nature to want new things and the credit card companies appeal to that. It takes a very disciplined person to never buy something that isn't really needed or that he can't afford. However, handling money wisely really is a personal responsibility and we can't make excuses for those who are in debt when they don't have to be. There are a few times when people get into debt through no (or little) fault of their own, though.

Well, sometimes it is not your fault. I am not justifying going into debt. But, if you get sick and have medical bills or you are out of work for a long period of time, you might use your credit cards more than you would like. So, that part it is not your fault. That is life smacking you down. But, that is the easy part to fix. Once you get back on your feet, you are likely to pya it down and fix your credit. It's the bad credit that is your fault that is hard to fix. If you buy things you don't need or use your credit cards to excess, that is your own fault. And since you have bad spending habits, you are less likely to change to fix your credit. Yes, credit is easy to get, but just because they are offering, zero percent interest for a year (fine print, but if you don't pay in a year, you pay all the accumulated interest of a certain horrendous percent) does not mean you have to take advantage of it. So, yes, it is your responsibility to get out of debt. But getting into debt might not always be 100% your fault. However, bad credit is not permanent. You can fix it by paying down your debt.

probably a little bit of both since interests rates get hiked up like hell. but majority of the issue does lie in the individual for running up their credit and mostly not paying on time. i know my credit is bad because of that. i've had 2 closed credit cards because of late payments and i know my credit is bad and its my own fault it is.

I do believe credit card companies use less than noble means to get people to succumb to debt they can't repay, but I also think that every person is responsible for their own actions in getting into that debt. Of course things like catastrophic medical bills and such are the exception, but I don't understand what it is about basic economics that most people don't understand. If you can't afford something, don't buy it! Every bit of debt I have had in my life has been due to the ignorance of ex-husbands, and each time I have been the one living on less income and took the debt with me, and each time I have come out ahead. I find myself in that position yet again and guess what? I'm still able to pay all of my bills! My credit is well up into the excellent category and will stay there. If I can keep my credit status that good by my own doing, then I submit that others that isn't so good is by their own doing as well.

Credit card companies target vulnerable people- students, poor folks, and so on. I think this a horrible practice and low. Of course, people are responsible for their own debt. No one forces anyone to buy that plasma screen or whatever.

i think its the fault of the person concerned. its true that the credit card companies trigger this to happen, but i should think before spending whether i can repay the loans

I am a firm believer that we all make choices, good or bad, getting into debt is a choice...sometimes one we feel we have to make as in do I use my credit card to buy my food or do I go hungry. Credit card companies say it isn't ppl's fault b/c they are trying to convince ppl that they are necessary...that they NEED credit cards. There are ppl that get by in the world without them...granted they don't have the "instant" cash to spend but they also don't have the bills to pay either. [b]~~IN SEARCH OF PEACE WITHIN~~ **AGAINST THE STORMS, I WILL STAND STRONG** [/b]

This is the greatest mistakes every one of us make. The popularity of the plastic money has made a mountain of debts for us. It so easy just to swap the card with our purchases not realizing the real pain of paying the amount used. But when hard cash is used we tend to be more thrifty as we can feel the depleting cash in our purse when we go on a shopping spree. But when we are really short of cash the credit card or plastic money becomes our saviour. Sometimes I am tempted just to cut my card into half when I receive the bill for payment.

yes and no. in most cases,i'd say yes it is but i know someone whose credit was totally scragged by their spouse in a divorce.her husband rang up so many bills she couldn't even rent a place afterwards.she applied for amnesty,but some of the companies didn't want to hear it.

The short answer is yes. You have to be responsible in your spending.

Well not in my case because I always tryed not to go over my credit limit, but unfortunately those credit company's have a racket going on, and they make it more and more difficult to pay even the minimum balance, example I was once with a credit card company that provided me with a credit card and I spent a portion of my credit limit, but I was very careful not to go over my limit, but one day I decided to check my credit card balance and to my surprise the credit company had taken the remainder of my credit card amount and on top of that they did not send me a credit card statement until well after the payment was due, and now its insanely high those credit cards of full of traps to make sure you go in to debt I dont trust them and I prefer to use cash instead

I think credit cards make it really easy to get people into debt with the high amount that they give on the cards and they make it so easy for the ones that are 18 for them to get a credit card and before they even hit their 20's they get into deb. I never got a credit card at 18, but I got into debt a little sooner, when I took out a loan to go to school. I wish I never did that, I should have just gone to regualar school. But truely I'm not in as much debt as most people my age are. But yeah, I think it is mainly people's fault that they got into debt.

I think it is up to the individual. Sure the stores and companies may have given the credit cards to the debting individuals, but it was the individuals who used the car. You know how the old saying goes. You can lead a horse to water, but you can't make him drink. The same is true when it comes to credit cards.

I agree that people should take responcibility for their choices. I think that credit cards companies could take some too though. I know when I got close to my limit on a card they sent me a letter saying that they were upping what my limit was so I could spend more. We have really struggled in getting our debt down. It is much easier to get into debt then to get out.

I don't blame anyone but ourselves for getting into credit card debt. It is easy to get credit, but it's our choice to apply for it and use it. The companies make it easily accessible, but ultimately it's my choice. Our credit isn't that bad but still, with the cards we do have, we are working on getting them paid down. I only noticed yesterday that the interest in two of the cards have gone up which is not surprising considering the Economy and all. We are no longer using any cards. Two of them have a very high balance but we are working on it.

It is just too easy to get a credit card. My daughter got sent her own application for a credit card, in the mail, when she was 18 and working part time and going to school. She didn't tell me about it until after she applied for it and got it. They gave this 18 year old girl a credit card with a $5000 limit. What are they doing giving an 18 year old that is still going to school and only working part time, a $5000 limit. Even I don't have a $5000 limit on my Visa. So of course, being only 18, she went out and spent and spent and spent. She finally told me about it when she owed them the $5000 and couldn't pay the payment. I had to help her with it, and I took the card away from her, with her permission, and she and I worked out a payment plan together and finally just got it paid off last year, after 6 years of paying for it. She learned her lesson, but how many kids learn from it. How easy is it for kids to get a credit card? TOO EASY!!

[i]Bad credit is definitely the cardholder's fault unless there are fraudulent or erroneous transactions in your credit card. A friend of mine got charged twice for a single transaction through his Citibank Credit Card. He told the store about it and reported it right away to their customer service and even sent documentation of all the transactions he made. They refused to honor his documentation so they continued to charge fees until it the amount ballooned. They can't dare sue him because my friend is very much aware of the law against this. As for myself, I use credit card plainly for convenience. I always bare in mind that I can't use it a lot. I know it's NOT extra money. Just something that I can hold on too in case of emergencies.[/i]

dude i totally agree with u hmmmm its really annoying right !?