Credit Crisis: American financial illiteracy versus predatory lending practices?

In your estimation, what percentage of the current credit crisis is a result of American financial illiteracy versus predatory lending practices?





Should the spending American public - predominantly house buyers - "step up to the plate" and take on all or part of the blame for the current economic crisis?





Thanks for your responses. Please, I'd prefer no flames or rants.|||And here's even another thought: financial illiteracy isn't completely to blame because much of the "fine print" isn't easily understood to the average person. It isn't even that Americans are stupid or ignorant or illiterate. It's that the verbiage buried in the fine print is wrapped in legalese which even the most intelligent among us have a difficult time understanding, let alone the average person.





How many times in a month do you receive mailings from a creditor that would take an attorney to decipher? If you're an average American, probably at least four or five.





Having said that, I think the current credit crisis is a combination of people not truly understanding what they're signing, lenders not wanting them to understand, and our country hemorrhaging jobs in many areas, leading to people's losing everything in huge numbers.|||50/50 at best. Shame on the mortgage industry for lending money to people who would otherwise never be credit worthy. The problem with this country now is that everybody wants everything and they want it now. Instead of saving their money, Americans abuse credit.





It is so sad to drive by the all popular payday loan places that are on every street corner. When you see the people inside you can't help but feel sorry for them.|||I'd say about 80% illiteracy and 20% lending practices.|||It is truly shameful that so many people spend and fritter away their learning years learning nothing! Where has personal responsibility gone????????????


"IF IT SEEMS TOO GOOD TO BE TRUE IT PROBABLY IS!"