Predatory Lending Bill Does Little in Way of Education
While the predatory lending bill introduced into the House earlier this week does, in fact, show some promise in curbing some of the practices that led to the subprime lending crash, it is somewhat low on education.
Even though mortgage lenders and other creditors, such as credit card companies, do deserve some of the blame for the current credit crisis situation, some of the blame does rest on us. After all, we were the ones that bought into the idea of easy money that can help us get what we want now.
The bottom line is that more education is needed in order to help more Americans take responsibility for their personal finance situations. We need to spread bet word about credit used wisely, and the virtues of buying only what we can actually afford.
Until that happens, any predatory lending bill will only address part of the problem.
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