Credit Card Debt - Who Should We Blame?

The credit card industry has come under some fierce criticism for what has been deemed over-lending to those who will realistically always struggle to pay it back. And it's true that, prior to the recession that began in 2008, it was always that little bit too easy to get a credit card. In fact, companies like Capital One used to send me junk mail offering me one without me even applying? What's that all about? They offer you one when you open a student account aged 18 - and of course an 18 year old has an untarnished credit record and thus has no problem getting one. But this, in my view, is entirely unethical and irresponsible.

But should we really place all the blame onto the credit card companies? It's true that they have acted irresponsibly in a number of ways and that they are often all too happy to dole out cards with excessive interest rates as though they were sweeties at Christmas time. But where do we take personal responsibility? Where is the line at which we hold our hands up and say that we are fundamentally responsible for our own finances?

Granted, it's a little different when you're 18 and having what seems like free money thrown at you. But by 21, 25, 30... 40.... should we not know better?

I am all for responsible lending. But I am also all for a level of responsibility over one's own finances.

Take control of yours.