BP #7 - Financial Responsibility

    

According to the article Financial Responsibility for All : "A Myth or Reality?" by Lubie Grujicic-Alatriste. A lot of people have too many credit cards or try to make too much credit which can be damaged from embezzlement or financial scandals. The reason why, first, people shortage about knowledge and correct information about taking credit.. Second, it is easy to get a credit card for anyone. The last reason, institution have not been received the problem of credit card and credit which is not knowing enough. The solution of these problems is that people have to learn about credit and financial pitfalls and the government let the institutions to be taken responsibility. Also, President's plan is a good first step for improving the borrowing crisis. At least about credit and spending, we could try to be a bit more financially responsible.

    From this article, the increasing of using credit card for young people, the credit and a credit card misrepresenting of institutions are the credit perils and traps for the young people. As institutions -banks- have to give the young people enough information about taking credit card, the world borrowing crisis could be improved. For instance, my home country, Korea, issued college students about credit card. The college students was easy to get credit cards without specific information about credit card. The students had not mad up the debt which caused them to have bad credit. Therefore, institutions have to give them enough information about a credit card and the risk of using a credit card's advantage and disadvantage. Also, the people who want to get a credit card think about being able to use or not, and learn before use it.