A friend posted something to FB along the lines of 'my bank is offering me a line of credit with these fees, looks ok, anything I should watch out for' and the comments are EXPLODING in a horror show of 50something-year-olds who lack basic financial literacy.
Highlights include:
- 'never get credit, if you have money you'll spend it all!!!!!' (... knowing this guy and his finances pretty well? Untrue, and kind of insulting)
- The slightly less incendiary 'available money always gets spent' (for YOU, but ok, congrats for knowing your pitfalls I guess)
- 'If they offer you that it'll cost money regardless there are always fees!!' (he asked about those, the fees are upfront, read the paperwork...)
- 'credit is nonsense I've never used it and I'm doing fine!' (dude, you're still living with your parents. Try getting a mortgage with no credit, lemme know how that goes... oh, wait, guess you figured out a way around that one...)
- 'governments should regulate this!!' (... it is regulated??)
THIS, y'all. This is why I support financial education classes in schools. These are people old enough to parent today's teenagers/20-year-olds. THIS is the financial education the next generation is getting at home, god help us all.