Your Debt is Not the Banks Fault!

March 9, 2009

greedy-bankers

Because of the profitable business model, banks prey upon the financially irresponsible. However, I don’t agree at all that debt ridden people are victims of greedy banks. Banks offer people terrible deals with confusing and picky rules that leave the consumers vulnerable to violating terms which opens them up to fees. However, regardless how bad the deal is, banks don’t force people to accept deals.

maxedoutmovie

I recently watched the documentary called Maxed Out which is all about the greedy banks. The movie shows Louisiana poor folk going through bankruptcy because they defaulted on loans. In one example, a loan officer had to show a poor and uneducated man how to sign his own name, the movie inferred this man was an innocent debt victim. It’s not the banks responsibility to determine your intelligence when doing business. Their jobs are to provide a legitimate service and make as much money as possible doing so.

illiterate5vb-picture-by-amyredwingsnut

Whether or not you read them, banks terms are provided to you when you sign up. If you can’t read, maybe you shouldn’t be the one applying for a loan, but that burden is on the applicant, not the bank. Aside from nonprofit organizations, no business exist that cater only to the well being of others.

If I chose to open a restaurant, I did so because I enjoy interacting with people and I wish to get paid while doing that. To be clear, I don’t actually have my restaurant because I care about other people, I have it because this kind of business brings me pleasure. Therefore my business model is to earn money and pleasure. I would be no better then the greedy bankers. I tempt customers into my restaurant so I can exercise my business model on them.

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If someone doesn’t like mushrooms on their salad, then the burden is on them to either propose a counter offer to what’s on the menu, or to not order that particular salad. That’ it. If you can’t read the menu, then either find someone who can read it for you or just be ready to be flexible with whatever is the outcome. Unfortunately, most of the time finances aren’t very flexible, so just be informed.

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