Saturday :: Dec 1, 2007

Modern Day Wisdom

by Mary

Once upon a time it was considered a very good thing to manage your finances wisely and to pay off your mortgage so you would own your house free and clear when you were retired. Today, not so much.

It reminds me of those stories not so long ago where the credit card companies decided that people that paid off their credit card payments in full every month were freeloaders or deadbeats and not nearly as good of customers as those who paid the minumum due so they'd go deeper in debt every month to the bank.

Something tells me the coming trainwreck is going to really hurt those who listened to their friendly financial advisers who were just looking out for their marks customers.

And oh, don't miss reading this Atrios link to see how the toxic debt problem is going to be resolved on the backs of ordinary Americans.

Mary :: 12:04 PM :: Comments (3) :: Digg It!