Posted on April 6, 2009 at 8:22 pm most people do not do financial planning or budgeting for themselves.they often spend more than they earn.in the end they have to borrow money and could not pay back leading them to bankruptcy.

Posted on April 6, 2009 at 8:35 pm bill_khiz, I think it is very difficult to say that people should "never" borrow money.  I don't know too many people who would be able to purchase a home or a car without financial assistance.  Some have difficulty just saving up a down payment.  Having said that, though, I think that some people need a much better education BEFORE they sign on the dotted line.  It's surprising that so many people I've spoken with don't understand how their mortgage or loan really works, they don't know how to manage other instruments such as credit cards, don't understand about interest or fees or service charges.  Not everyone needs to have a degree in accounting or finance but there is a wealth of information out there for the average person, in easy-enough-to-understand language.  I think that we, as consumers, need to inform ourselves better so that we truly appreciate what we are committing to repay.  We also need to ask questions, in advance, rather than suffer the difficulties and stresses later.

Posted on April 8, 2009 at 5:05 am I would agree with a lot of people here, however I'm in debt cause I'm a college student and am taking out loans to pay for my college education.