Comments on: An Interesting Thought From Charles Geisst Regarding Consumer Debt http://allfinancialmatters.com/2009/09/14/an-interesting-thought-from-charles-geisst-regarding-consumer-debt/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 21:22:26 +0000 hourly 1 http://wordpress.org/?v= By: thc http://allfinancialmatters.com/2009/09/14/an-interesting-thought-from-charles-geisst-regarding-consumer-debt/comment-page-1/#comment-439330 thc Wed, 16 Sep 2009 00:40:47 +0000 http://allfinancialmatters.com/?p=3974#comment-439330 Debt is leverage. I'm all in favor of that. But goverment policy that makes it possible and attractive for people to take on debt that they cannot afford to service is wrong. That's how we got into this mess-not lack of regulation. Debt is leverage. I’m all in favor of that. But goverment policy that makes it possible and attractive for people to take on debt that they cannot afford to service is wrong. That’s how we got into this mess-not lack of regulation.

]]> By: Doug W. http://allfinancialmatters.com/2009/09/14/an-interesting-thought-from-charles-geisst-regarding-consumer-debt/comment-page-1/#comment-439325 Doug W. Tue, 15 Sep 2009 16:15:05 +0000 http://allfinancialmatters.com/?p=3974#comment-439325 I also think, due to our Government buying into the deficit spending mentality, it has created a culture of debt in our society. I also think, due to our Government buying into the deficit spending mentality, it has created a culture of debt in our society.

]]> By: BG http://allfinancialmatters.com/2009/09/14/an-interesting-thought-from-charles-geisst-regarding-consumer-debt/comment-page-1/#comment-439324 BG Tue, 15 Sep 2009 15:19:31 +0000 http://allfinancialmatters.com/?p=3974#comment-439324 I've always thought of 'credit' as something that I have, I've earned, and tied to my good name. However, I use up my 'credit', when I go into 'debt'. I exchange my credit, for debt -- as I pay off the debt, I get my credit back. At least, that is the way I've been taught. Which is why it bothers me when I hear that FICO lowers your credit rating when you close a credit-card account. My credit goes up (not down) when I eliminate a liability like a credit card. Anyhow, the author is right -- times have changed. Credit-cards were unheard of 60 years ago. People used to actually BUY things. Now people have banks buy them things, in exchange for perpetually servitude. I’ve always thought of ‘credit’ as something that I have, I’ve earned, and tied to my good name.

However, I use up my ‘credit’, when I go into ‘debt’. I exchange my credit, for debt — as I pay off the debt, I get my credit back.

At least, that is the way I’ve been taught. Which is why it bothers me when I hear that FICO lowers your credit rating when you close a credit-card account. My credit goes up (not down) when I eliminate a liability like a credit card.

Anyhow, the author is right — times have changed. Credit-cards were unheard of 60 years ago. People used to actually BUY things. Now people have banks buy them things, in exchange for perpetually servitude.

]]> By: JT http://allfinancialmatters.com/2009/09/14/an-interesting-thought-from-charles-geisst-regarding-consumer-debt/comment-page-1/#comment-439318 JT Mon, 14 Sep 2009 21:09:34 +0000 http://allfinancialmatters.com/?p=3974#comment-439318 There is a great need for consumers to pay closer attention to every message being thrown their way. From "clean coal" to "good credit," these terms are polluting the way we look at issues that dramatically affect our lives. There is a great need for consumers to pay closer attention to every message being thrown their way. From “clean coal” to “good credit,” these terms are polluting the way we look at issues that dramatically affect our lives.

]]> By: Rick Francis http://allfinancialmatters.com/2009/09/14/an-interesting-thought-from-charles-geisst-regarding-consumer-debt/comment-page-1/#comment-439316 Rick Francis Mon, 14 Sep 2009 16:41:35 +0000 http://allfinancialmatters.com/?p=3974#comment-439316 It is a bit scary, but isn't that why companies go to the expense of having marketing departments? -Rick Francis It is a bit scary, but isn’t that why companies go to the expense of having marketing departments?

-Rick Francis

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