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It really is sad. I just browsed the “credit” section in yahoo and about half the questions posted on the first page are asking how to get loans with the poorest credit rating possible. How could so many people be such slaves to debt and are so incapable of living within their means?

4 Thoughts on Why do so many people have complete ineptitude about managing their finances?
  1. Reply
    November 20, 2011 at 8:19 pm

    I wonder why it matters to you. Your question sounds a bit judgmental. I’m sure there are things you have problems with that other people don’t. If the questions bug you then don’t read them.

  2. Reply
    November 20, 2011 at 8:32 pm

    Edit: Thank you for the insight, catdad. I will waste less time on those questions from now on.

    Financial education is like sex education. Parents rarely teach it, and schools either don’t teach it, or teach it in a laughable, boring way; so people experiment on their own and get into trouble.

    As for part two, life is expensive, and the purchasing power of today’s wages is way down for most people. And, lots of people make lots of money by selling things consumers don’t really need, and others make a lot of money servicing that debt, so there is not a huge incentive to correct the situation and tell people to live within their means.

    My add-on: And, of course, it feels good when you are doing it. [ Double entendre on purpose. ]

  3. Reply
    November 20, 2011 at 8:49 pm

    Actually….almost all of these questions are posted by scammers….people who have multiple Yahoo ID’s where they post their question about bad credit loans then answer their own questions with referrals to their bogus/scam loan firms that they’ve set up through web based email accounts….i.e. [email protected].

    I used to waste time responding to these questions until it became clear that they were fake.

  4. Reply
    David M
    November 20, 2011 at 9:38 pm

    Basic financing is rarely taught in the home, never taught in grade school or high school and only taught in college if the student opts for that field of study. Hence we’re a nation of financial and economic illiterates. Which can easily be observed by the way we choose our political leaders. Snake oil salesmen can sell their wares. The illiterate out there believe in the free lunch that Obama and his ilk sell. Only until he and his policies bankrupt the country will his own economic illiteracy become apparent to all. Just look at what the people believe he will do:

    Financial and economic stupidity run amok.

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