Not really! It would be nice, of course, if everybody suddenly became excellent debt managers and such nasty little things as late notices and harassing phone calls by bill collectors became things of the past.
If everybody only took on debts that they could pay on time and in full each and every month, the debt management companies and the consolidation loan companies could just fold their tents and slip away into the night.
That hasn't happened, and there isn't any indication that it is going to happen in the near (or far) future.
More and more people are finding themselves in financial holes more and more often today.
When discussing this situation with a group of my peers, the consensus was that instant gratification and less than adequate financial education are the two principal causes.
In days gone by, parents taught their children about financial responsibility.
Children were given small allowances and then instructed how to spend it.
They were required to save 10%, give 10% to charity, and to make sure they had enough to cover their necessities until allowance day came around again.
If the kids ran short, they were not allowed to dip into their savings.
They simply did without until allowance day.
Mom and dad did not pony up to cover the shortfall if junior had blown his allowance on ice cream.
There was no such thing as instant gratification.
If a kid wanted a bicycle, he had to save for it.
It didn't just appear because he begged mom and dad for it.
It really is time for parents to again begin teaching children about financial responsibility and debt management, and the schools need to do their part as well.
We have become a nation of borrowers without a plan to repay our debts.