BP #7 - Financial Responsibility - Summary and Response

The article "Financial Responsibility for All: A myth or Reality?" by Lubie Grujicic-Alatriste is one of the real examples with debt problem in these days. In the article writer talked about how a banking system effects a persons banking career with the lures credit offer. The writer explained what makes people luscious to ignore such traps. Writer also discussed some critical things about credit card offer for student and how they get into problems with those. Therefore, writer suggested different options for the student to deal with credit cards and bank loans which could be a better solution depending on the situations. However through the article, I support the writer's thoughts and I think there should be more steps those we need to make a better solution for the credit cards and loan programs.

First of all, the government should have a strong access to regulate the bank and credit card company especially for their terms and conditions. The government should have eyes on those conditions and make those easily understandable in few words for the people. Most of the people do not understand such conditions, but it makes people attractive when banks highlights their few advantageous offer. Once this kind of trap had made a problem. One day I open a credit account with very low interest rate, and there was zero annual charge. After several months before annual charge, I figured that the annual charge was zero only for six months and it was in the corner of the conditions with little letters. Nobody could understand without glasses,

Secondly, the government should take steps to stop pushing people by the banks marketing agent for the credit cards or loan. In resent it is a common phenomenon that the marketing people always keep people pushing to open a new credits account when people go to the bank for service. Sometime people get into trap in certain bran wash and open account that make them difficulties in future.

Finally, in banking system most of the people get lures offer and accepted easy way by the bank. Moreover, this is now consumer market, and for this reason people always grab those offer immediately. One day they realized that they are in banking trap but time is too far. It should be over look by the government, and bank should let people know more credit card could harm their financial status. In Bangladesh credit card and loan are not easy to get. People struggle to get those and bank has strict rules for those. Though our country's economy is not that much good enough but there are not such debt problem on following reasons.

Indeed, credit cards and bank loans are very important in our financial system, but some time these cause big problem in our life. People should know about these more details before sigh in and banks should have nice and clear policy regulated by government those are understandable for the account holders.