Shifting Our Collective Consciousness

12 10 2008

Our present economic situation is the inevitable result of our actions. For decades we have learned to spend more than we earn and financial institutions were the enablers to this misfortune. The way all of the financial institutions deal with this economic crisis doesn’t make sense to me. Raising interest rates on credit card balances when we get behind in payments is not going to help us pay them back sooner. Damaging our credit records is not going to help us, if we can get loans at a decent interest rate from whatever source possible -like the equity in our homes- in order to get our finances in order the would be better off. What makes them think that if we can’t pay the minimum due on our accounts that we will be able to pay the full balance? It is not that we don’t want to pay our bills, it is that we can’t pay with money we don’t have. I believe that there should be a shift on our collective consciousness and instead at looking so much at the financial institutions that the government look at us with compassion as well and try to help us.

The situation is clear, even if the financial institutions are saved by the government’s bail out program or by becoming part owners they won’t in turn reach out to us in order to rescue us from our financial ordeals. I don’t believe that will help us in any way, shape or form. What I believe should happen is for all financial institutions to communicate in writing with their customers with new re-payment alternatives on their accounts. Everyone knows that interest rates, penalties, mortgage terms and writing off accounts don’t work. I challenge them to stop being so greedy and adjust each and every account to the point that they can at least break even, if they don’t I’m sure in time we will learn to do without them. Banks should do whatever it takes to keep everyone in their homes instead of going through another foreclosure. Shifting our collective consciousness to one based on what we earn and what we can afford will provide us with peace of mind and well-being.

I don’t know if we have a Domestic Economics course in school, one that teaches not about this country domestic economics but one that teaches about our own economics at home. If we do students should be required to mastered it by the time they graduate from high school. I would suggest this course begins in Junior High. Now days even teenagers have their own credit cards without having a job. As parents it is our job to teach our kids about handling money, even if it is from our own mistakes.

What is your opinion on this whole situation? What do you think needs to happen in order to turn it around?



2 responses

12 10 2008
Interest Rates » Shifting Our Collective Consciousness

[…] Read the rest of this great post here […]

13 10 2008
Interest Rates » Comment on Shifting Our Collective Consciousness by Interest Rates …

[…] Read the rest of this great post here […]

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