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Old 08-11-2015, 10:37 AM
 
Location: Iceland
876 posts, read 665,472 times
Reputation: 1018

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With their being so many dumb people in modern society that are drowning themselves in debt with bad fiscal planning, should we make it so that a license is needed before people can take loans and use credit cards, similar to how you need a driving license to drive a car? At first it seems like a odd question. Who cares if others destroy themselves? It's just their problem right? That's what I thought at first, until I started thinking about this more.

The thing is, that these dumb fools are actually harming everybody else as well. Obviously they harm the people who give them loans that they can't pay back (they can be blacklisted at some point but this can only happen after the damage has been done), but perhaps more importantly they also harm everyone else who is actually responsible by throwing the results of their mess into other peoples faces. How do they do this? Through politics.

Ask yourself this, when a bunch of dumb pieces of ****s destroy their life's with their horrible decisions, do they just man up and accept responsibility for themselves? No, they just blame others and demand that politicians come and safe them. And since many politicians won't mind saving them in return for their votes they will do just that. Except that this will have to come at the expense of somebody else. The portion of the population that isn't actually dumb!

As far as I am concerned, the very moment that people obtained the ability to vote for politicians who will simply give them whatever they want, true individual responsibility died. Obviously society can still have a lot of individual responsibility, but in my opinion the fact that everybody can vote means that the libertarian's dream of true responsibility will simply never happen. There are just too many people who will just vote themselves out of their ****ty mess.

And I blame a considerable amount of this nonsense on the fact that anybody can take a loan or use a credit card.

I suggest that people must be made to take a educational course in responsible fiscal planning and then take a tough test afterwards. Only if they pass the test they are allowed to take loans and use credit cards. Otherwise banks and other parties cannot legally give them anything. A clever way to implement this would be by making this course and the test that fallows it a part of late primary education. Students that pass don't need to worry about it anymore and can do what they want. Anyone else must take the test again at a later date in their life's. Individuals who are already adults will not lose their current right to take loans and use credit cards for the simple reason that most probably already have loans or debt and thus it is too late to take away their right without messing up their finance.

Thoughts?
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Old 08-11-2015, 10:39 AM
 
Location: US
17,860 posts, read 17,685,455 times
Reputation: 13837
No, if a credit card company or a bank wants to loan money or issue a card, then they can.
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Old 08-11-2015, 10:45 AM
 
Location: NE Ohio
30,194 posts, read 16,532,187 times
Reputation: 8847
Quote:
Originally Posted by hakkarin View Post

Thoughts?
Oh, please!
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Old 08-11-2015, 10:52 AM
 
Location: A great city, by a Great Lake!
15,908 posts, read 10,034,428 times
Reputation: 7456
Sure. Let's enact MORE laws, expand an already further bloated government, via more legislation, bureaucracy and red tape, because we don't have enough already!

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Old 08-11-2015, 10:55 AM
 
6,226 posts, read 6,816,227 times
Reputation: 3098
There was once a time when one had to earn credit. Credit cards where not easy to get. I think I was around 24 years old before a bank issued me a credit card after years of building up a history.
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Old 08-11-2015, 11:04 AM
 
Location: in the soup
3,802 posts, read 1,609,459 times
Reputation: 4340
If banks and credit card companies want to take the risk and loan to idiots at a high interest rate... isn't that their business?

Personally my credit card balance is zero. Has been since was 20. In my opinion, anybody who carries a balance on a (currently or potentially) high interest rate instrument like a credit card is a fool.

But it's peoples' gawdgiven right as Americans to BE fools.
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Old 08-11-2015, 11:04 AM
Status: "It is the nature of grotesque things you canít look away" (set 21 days ago)
 
Location: Old Hippie Heaven
17,955 posts, read 8,083,252 times
Reputation: 10399
Bank/credit card company takes the risk. And they are doing very well for themselves, bad debt and all. I fail to see why you think government should do the card-issuers job for them.
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Old 08-11-2015, 11:08 AM
 
Location: Stasis
15,839 posts, read 9,977,898 times
Reputation: 8545
William White, appointed by Perry as head of the "Texas Office of the Consumer Credit Commissioner" watchdog agency is also the Vice President of payday lender Cash America. He doesn't want more legislation or regulation and blames poor people for bad credit decisions while he rakes it in.

William White, chairman of the Finance Commission of Texas, following comments he made to the El Paso Times in December. White, a vice president of payday lender Cash America, told that newspaper that nobody forces anyone into loans and that “people are responsible for their decisions.”

Payday-lending official: Borrowers responsible for their decisions - El Paso Times
Fight Over Payday Loans, From Capitol to Campaign Trail | The Texas Tribune
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Old 08-11-2015, 11:22 AM
 
Location: SF Bay Area
12,300 posts, read 7,922,568 times
Reputation: 6464
Statist going to state

The most basic principle of freedom is being allowed to make bad decisions for oneself so that you can learn from them and then, in the future, make good decisions.
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Old 08-11-2015, 11:28 AM
 
29,540 posts, read 16,299,338 times
Reputation: 13709
It should be left up to the lender
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