Print Friendly, PDF & Email

I’m constantly amazed at how stupid the credit card companies think we are based on the commercials I see from them. But then I have to stop and think, "if people weren’t responding to them, they wouldn’t be paying to show those ads a thousand times."

Then I’m forced to accept the fact that the PUBLIC is generally too dumb, or too greedy to see through the incredible foolishness of the lending industry. Take this popular commercial for example:

A guy is trying to buy his great looking fiancée an expensive wedding ring. The clerk comes back with his credit and informs him he’s over his limit. The great looking fiancée tells him that he can take care of this, and keep her around, by getting a certain brand of credit card so that he can purchase the ring she wants.

Am I alone on this planet? Does anyone else not see the absolute ABSURDITY of that ridiculous commercial? Let’s list just the insanity I can think of off the top of my head in the next 30 seconds:

· The guy shouldn’t be buying the ring in the first place, he obviously can’t afford it.

· The implication is that if you have the right credit cards, you can make some great looking, sexy girl happy (I thought drinking the right beer did that).

· She shouldn’t want to marry a guy that is already max’d out on credit cards, and is undisciplined enough to get another card to buy more.

· He shouldn’t want to marry a girl who would AGREE to buy the ring on another credit card because she obviously cares more about lifestyle and status than a solid marriage.

· The marriage is doomed before it ever starts because of the inevitable financial stress which is one of the leading reasons for divorce.

· Both parties are obviously superficial and selfish given all the facts above.

· The implication is that the credit card company will give you even MORE credit even if you’re already overloaded.

· The jewelry store obviously cares only about getting the sale no matter how much credit debt it takes.

I could double or triple that list if I took a few minutes, but that is more than enough.

Okay, so what’s the point? If you’re reading this blog, you probably aren’t stupid enough to be persuaded by such an asinine manipulation. [TIPJAR]

My point is that you should educate yourself about the lending and credit industry. They have blatant and easily spotted gimmicks and tactics, but they also have very subtle and tempting trick up their sleeves too. You should know them, so you can protect yourself, and educate your family and friends. You can only be immune to the debt trap if you are genuinely educated about it, coupled with personal and spiritual discipline.

I’m planning a major revision of my "Life Without Debt" book that will include LOTS of information about credit cards, debt traps, how to avoid the lending industries tricks, the college loan farce, how to reduce your debt, how to have the right attitudes about debt. The first version of the book is a GREAT primary education on personal debt and finances… this new edition will have all the stuff the credit card companies and lending institutions do NOT want you to know.

If you can think of something you want me to cover in the new edition, shoot me an email.