A friend of mine recently tried to get an apartment. She had spent years as an unpaid live-in maid of sorts, so she doesn’t really have any sort of recent credit history of any sort. She was turned down for the apartment because of some credit problems she ran into as a young adult in her late teens or early 20’s. She got very irate about it because she doesn’t feel like she should be held responsible for her poor credit history that she created several years ago. I know this isn’t exactly showing a waste of money, but it does show financial irresponsibility.
Submitted by: Robin
If we create debt, we enter into a contract (both legal and moral) to pay that debt back. It doesn’t really matter how long ago we acquired the debt, it’s always ours until it is paid. Part of the blame, honestly I think is on the school system and any parents who don’t teach their children about money management. Additional blame is placed on credit companies for preying on youngsters. Even so, you have to live with the consequences of your debt or work hard to fix it. Ignoring the problem or just waiting for it to go away is time wasted and irresponsible.