Is it ethical to spend money you do not have to spend?

Like I said...I'm not real smart about credit or banks but I could never figure out why those who have tons of money get the loans and those who need the loans (don't have money) are denied. Strange.

Not so strange really. One of my sons worked as a Loans Consultant for one of our largest banks here in NZ so he's pretty up with the play as far as they're concerned. But it does seem a little sad. The people who truly do need the loans are the ones who earn the least.

people like your friend are a small part of why the economy's in such a mess...

I'm wondering about those like your friend who buy things they don't need but just want...and paying all that interest for the convenience of having it RIGHT NOW. My way is.... saving up until I have the money to get what I want and looking for a bargin when I do have the money. But then the banks don't like that...they loose the money I'd pay them for using their money.

Not many people have that attitude. Good for you that you see the folly of it.

Not all Americans feel that way GY1106...some of us live well within our means. Not every American is rich...and many of us live below poverty level and survive. It used to be a great country.

I am surprised that most of my responses are those who are conservative in their spending habits. That's surprising.

They do make life easier for a time...then the bill comes in the mail. REALITY hits! lol

What the banks have done terrifies me. The fact that I've had nothing to do with what the banks did makes it even worse...that I am a 'born slave'. I don't use credit cards...it doesn't matter.

Some appropriate quotes from some real smart guys. I believe that banking institutions are more dangerous than standing armies. If the American people ever allow banks to control the issue of currency, the banks and corporations that will grow up around them will deprive the people of their property until their children wake up homeless on the continent their fathers conquered. Thomas Jefferson If you want to remain slaves of the bankers and pay the costs of your own slavery, let them continue to create money and control the nations credit. Sir Josiah Stamp 1880-1941

Welcome to the New World Order. George Orwell (1984) was pretty close.

My father told me the only credit I should ever seek was a mortgage. But that was back when cars were not as expensive as some houses...lol. I have NEVER owned a brand new car...I've always bought second or third had cars. What do you think about financing things like cars and homes?

Now, is certainly not a good time to buy cars or homes. Not unless you can pay cash for them; get a very low interest rate; low monthly payments; and can pay them off in just a few years. With the economy the way it is, the financial places are allowing people to get in over their heads on real estate and auto loans, and then = the people are loosing their homes and transportation.

I don't think it's ethical for them to charge the interest rates they do. And I think it's wrong to offer credit to people who CAN'T pay and they know it.

Well yeah and that's created a lot of the credit crisis in this country. But to turn it around, is it ethical to charge a person for something they can't live without but can't afford to pay for? :-)

Oh...don't even get me started on that! Do you know in some urban areas in the world they have O2 masks attached to air tanks and charge money for a breath of fresh air!

Granted, however you singled out America, my point is greed is the more likely culprit on a global scale. That means every culture and country!

Which is just another version of 'gotta have it'.

After years of having an excellent credit score, our credit score was almost ruined because of insurance bills. My husband fell on 1/28 and suffered a traumatic brain injury. He was taken to an out of network hospital which was the only trauma center within 50 miles of his injury and the insurance companmy told me that they were only going to pay 50% of the bills, leaving me with medical bills that would have exceeded over $300,000. Fortunately, I learned that I was able to file a grievance against the insurance company and I won so the insurance company paid everything in full. I can sympathize with you because after 45 years of having a clean credit record, I almost lost it all. My best advice to you is that you do have a right to put a letter in your credit files explaining the situation and I would suggest that you do so. The credit bureau is required to send that letter along with your credit report to anyone that requests a copy fo your credit report. If you are denied, call teh credit manager personally and explain the situation. I worked as a Credit Mgr for 35 years and yes, I do believe that you are entitled to a second chance. Good luck

Thank you so much for the advice. Here I was feeling like there just was nothing I could do. Appreciate that very much.

I have no credit....when I was young medical bills ruined my hope of ever having credit. I have never qualified for a mortgage or credit to buy a car...I've saved for everything I have and always paid my bills. Just not on time. Low wages, large family....all of it combined has left me with a bad credit score. The fact that I am judged by my score has always bothered me....as it seems that people cannot ever get ahead due to past mistakes. What do you think? Is our score held over us like a punishment...and is this right? I'm thinking of my sons who have child support to pay...and this keeps their score down. That is just unfair.

Sometimes the simpler way has much more peace of mind. I do not like being dependent on a job that I may lose for who knows what reason.

I'm looking into a simpler way. Have had to learn just because of a husband who wouldn't work...now that I'm on my own..knowing how to survive without a lot of 'stuff' will do me good.

Wise to pay the balance off as quickly as possible. Same here with the house and car..but I've always rented and bought second hand cars. People CAN live without credit.

Exactly.. that's the very basic of credit card.. and if we only pay minimal amount in one month, the left amount will be hit by interest again.. From what I've watched in tv, most people can't free from debt because they only pay minimum amount and so their debt increasing and never end.. Thats' the worst! Hope we will never involved in such a thing...

I've been thankful that the WONT'T give me one. lol

You should be ok then...most don't feel as you do. I think you are smart for being a bit leary of using it.

I see that happen to many folks. It's sad. But it's easy to believe that the government will soon be able to say who gets to and who doesn't.

I think a priviledged few are encouraging this all over the world...soon the noose will tighten and the world will bend it's knee to whoever holds the purse strings.

The media does have a lot to do with the problem of over spending. People just can't see that they don't need the things they are told they need.

Hey...I live in the Ozarks! and I agree...it can be pretty easy to survive in our neck of the woods with very little. Been looking into some of those options. People here are a little more conservative than most. Add me if you care to. Let's talk.