Be More Responsible With Money

My topic is be more responsible with your money. This is good advice for everyone, especially in our present economic climate. Americans have become terrible when it comes to saving money. It seems we spend, spend, charge and spend. What brings me to this topic is an article in The Clarion Ledger today discussing the outrageous bank fees and the huge profits banks are making off their customers. If you have a teenage kid that you are trying to teach about bank accounts you know the pain of an overdraft check. The article in the paper explained that the banks may have to stop some of these charges and look for other ways to make money. One of the bank officials had a comment that I think should cut both ways. How many people remember the old saying, “what’s good for the goose is good for the gander.” Well the bank executive said in his defense of these outrageous fees that people needed “…to take more responsibility in managing their funds.” I think we can all agree that people do need to be more responsible. Can we also agree that banks should be more responsible? Let’s remember which group came running and crying to Congress for a bailout! Let’s remember who made so many bad loans and investments! It was the banks, not the customers. But we don’t have the option or the lobbyists in Washington to get special treatment. Frankly, I don’t think they should have bailed out any of the banks. When a individual falls on hard times, they must resort to bankruptcy. That should have been the option given to the financial institutions. So, when we talk about managing money, remember it is a two way street.

Frank Coxwell is a partner at Coxwell & Associates who focus on consumer bankruptcy and consumer credit issue. Frank is a frequent lecturer at national conferences on predatory lending and consumer issues. He has been handling consumer bankruptcy cases for approximately thirty (30) years. For a free consultation call Frank Coxwell at 601-948-1600 or e mail from the Coxwell & Associates website.

Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.

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