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You know, sometimes I really believe that banks and other lenders are too ready to loan money. The current problems in the home loan market and with other secured loans are a great example. So are the credit card offers received by my dog -- many of them pre-approved, despite her lack of employment or a verifiable source of income!

Of course, the most clear example I can think of are the credit cards I see my tenth graders flashing around. Yeah, that's right -- fifteen-year olds with credit cards. I then hear them say that they have maxed them out and will simply transfer the balance to another card. I'm sure that many of them have ruined their credit scores before they have a high school diploma.

That isn't to say that borrowing money is always a bad idea. Rather, it is important that one take out personal loans responsibly -- do your research to find cheap loans with the best interest rates and terms. That is called being a responsible borrower -- and is likely to keep you out of financial trouble.

Posted by: Greg at 06:32 PM | No Comments | Add Comment
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