Also no need to downplay the impact of advertising on encouraging people to spend more than they have. 'What's in your wallet', I bet everyone knows that commercial and which card, maybe even which celebrity(ies) represent the card. The large credit issuers spend millions on advertising because it works.
I realize that ultimately it is the consumer who decides to swipe the card but the system is stacked against those without the knowledge or education.
Every point that has been brought up in this thread is a valid reason for people not handling their finances correctly. My personal hope is that I can set my kids down the correct road and that they will eventually make the right decions on their own.
