A few weeks ago, I was playing around with a blog post in my head. I like to have full conversations with myself in there and often times I’ve got most of a blog post outlined in my head before I’ve even sat down at a computer.
Working titles for this post were flowing around more easily than the actual text itself. Some of them were “Ode to Capital One: A Tragedy” and “Capital One has Ruined the Nation.” My favorite, however was the ever so poignant title “Eff You Capital One!”
I spent more time thinking of catchy ways to announce my post than to really think about what I wanted to say about my dislike of Capital One.
When I took the time to really think about this, I realized that my issues with them were more about me than I expected.
Sure they have some questionable business practices. I’m not a fan of their lending policies (they offered me a credit card with in 6 months the discharge of my first bankruptcy.). Nor do I like their practice of allowing consumers to go over their credit limit and then charging said consumer for going over it.
But can I really truly blame them for my issues with debt?
Can I blame any one company or entity for my debt?
The answer is no. If I were to assess blame, it would lie completely within myself. I never had to use those credit cards. I should have been a responsible spender and an even more responsible saver.
However, there is little benefit in blaming a company or a political party on my financial situation. I am going to get a lot farther in my quest to be debt free if I take the time to educate myself and truly understand how I got where I am. Blaming Capital One or any other company only serves to keep me from facing the truth.
Introspection really should be the first step in becoming debt free. You truly need to know who you are and why you have allowed debt to rule your life before you can live a life without debt. The lending companies did not get you into debt, they only provided you a tool to do it quicker.
I do believe that the business practices of Capital One and many other credit lending entities have played a part in the economic situation of so many individuals. However, if we wish for this cycle to end, I believe our focus needs to be on educating ourselves.
We need to be educating our teenagers, our children, and future generations. We need to show them the right way to deal with money so when a company like Capital One comes along and offers them a $10,000 credit limit when their income level is barely poverty level, they will know that credit is not the answer.
If we do not take responsibility for educating those we love then in the end, can we blame anyone but ourselves?
I’m a huge fan of personal accountability, and I probably talk about it (and how it’s not just the credit card companies’ faults for debt problems) way too much. Sure, some of the practices aren’t in the best interest of the consumers, but then again neither is the car company who advertises a super-low priced car in an ad with a stock number then tells everyone that it’s gone while trying to sell them an upgraded model, yet car dealers don’t get the same heat. I even compared credit to power tools once: Home Depot doesn’t make you demonstrate your skill with one, yet they will sell it to you and you have to take care to use it properly.
Like you said Jessica, it’s about educating ourselves and others on what credit is, how it works, the benefits and pitfalls of its use.
Oh don’t even get me started on car dearlerships. I tried to explain how they get you to a friend this weekend but she just kept saying “I got the car I wanted because I improved my credit score. I’m so proud of myself.” But she wasn’t getting that its the wrong thing to be proud of. I couldn’t get through to her no matter what. I think in the end, she wasn’t/isn’t ready for the education.