BP #7 - Financial Responsibility

Summary:

   According to the article " financial responsibility for all: a myth or reality?" by Lubie Grujicic- Alatriste states there are some reasons about young people have financial problems. First, young people sink into financial traps because of having not enough knowledge about taking credit. Second, young people can easily get a credit card. Third, the institution like banks doesn't spread the correct information to customers. Besides, it gives some advices for young people to avoid the financial pitfalls, such as they should to learn more knowledge about financial and responsibility to their actions; young people's parents had better to give their children some experience about financial; our government should to process financial plan work to recover crisis and increase people's financial responsibility. In conclusion, people should to try building their financial responsibility.

Reflection:

   To build financial responsibility is important for all because financial responsibility helps people manage their finance and avoids debt. For example, each month we have to repay their billings, such like cheking billing, telephone billing, gas billing, and so on. We must repay them before the due date, otherwise we must to pay more money for late fee. That's will add our debt. If people remembered their billings date and paid back on time, they will save some money and have a good credit. It is not hard for people to do it when people have financial responsibility.

  By comparision, there is not very popularize for people to use debt card or credit card in my country. People rather like using cash than them. Because the bank system is not much generalization. Each time we must to wait a long time to deposite or withdraw money. The interest is also low in the bank without any temptions. Besides,the credit has effect on people's lives but is not very obvious. Hence, people don't like to use their card to waste time for waiting. Although people is lack of interesting for using debt card or credit card, our banks have a strict verify each applicant then send their card to use. That can help some people who cannot control their consumption reduce their debts.

   In conclusion, people had better to increase their responsibility for finance. It is important for all.