May 18, 2008
By Jo'Dee Lynn davis, Hamilton, TX

I think Americans in this society have too much debt. Debt can be as little as money for lunch, all the way up to purchase of land, collage loans, credit card debt, or overspending retirement money.

Too many people are getting credit cards and depending on them without considering their income. Say you needed something then usually you would go to work and earn it or get money out of the bank, but most people will charge the amount on their credit cards and pay for it when the thousand dollar bill comes. Like my mom hates credit cards, yet only has 2 credit cards and she rarely uses them. According to the U.S. Treasurer “There are more than tree million people in credit card debt”. Most of the people who have credit cards use them to buy things off of EBay or They will also use them to buy expensive things like televisions, radios, jewelry, or computers. Plus o pay for their everyday expenses some people even pay their bills, such as electricity, water, gas, and other costs of living.

People are getting loans for silly stuff like fraud business or to invest in something that you don’t need, such as grown up toys (ATV’s, jet skies, boats, and yachts). Like say you want to buy a diamond necklace for someone. Wouldn’t you just save up your money or would you go and get a loan, I would just save up. The only good loans are for a house or to go to college, or for necessary items. There are awesome places to get college loans like Chase student loan or federal student loans, which let you take 5-10 years to pay it off. A loan to buy a house for a growing family is a good loan. Most loans are good, much more than bad ones.

Although a lot of ranchers say their debt in the cattle business is good debt, it is usually a high debt. Cattle debt is common among farmers, ranchers, and livestock owners. They buy them but they put it on their tab, then when they get the bill for it they usually have to give back the cattle. They will often pay back later on after the cow dies or something happens to it. When the people at the cattle barn finally get the money, the buyer has lost their purchase. Though they still think the debt was worth it.

I have told you this because I don’t want my friends to be in debt. I don’t want them going bankrupt from this and living on the streets. I hope this makes you think before you use credit cards for everything.

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