Credit Cards and compound interest pain

Why is it that every time I’m reading some financial advice column, they say something like:

CUT. UP. YOUR. CREDIT. CARDS. YOU. FOOL

Can the human brain not be taught to understand the pitfalls of the credit card industry? Most financial columnists seem to think this is about as likely as Farleigh-Dickinson winning the NCAA basketball championship this year.
Luckily, this college professor is a little more positive:

I taught a unit on financial mathematics. I found this section a lot less interesting than the rest of the course, but taught it with the same enthusiasm that I bring to all of my classes. And something strange happened: for the first time ever (other than at camp), my students were more interested in a topic than I was. One kid, who sat front row centre, summed it up: “This stuff is useful.”

(Via this weeks’ Carnival of Education)

This has parallels to the sex education debate, but most people aren’t going to like the ones I draw. Telling students about the ways to stay safe while doing things does not mean you are forcing, or even encouraging, them to do anything, you are just giving them the tools to protect themselves if they so choose. So, spending a week or two in high school explaining why paying the minimum payment on a $2000 credit card bill every month with an APR of 19.9% isn’t going to get that balance down just might be a good thing.

I will grant that some people simply cannot control themselves when given the temptations of a seemingly limitless source of cash and they should follow the financial planner advice, but surely not every twentysomething falls into this category.

small mindedness

One of the guest writers over at TPM finally brings up one of the more important points of the right-wing talk radio and FoxNews revolution:

Why on Earth should anybody confine their reading to those writers with whom they agree on everything? The best way to learn is to read arguments you disagree with.

That’s precisely the reason buffoons like Rush Limbaugh and Bill O’Reilly are on the air, people like to have their narrow-minded talking points reinforced to the point they have to be true.
And this quote gives a nice little window into the “high minded, hoity-toityness” that Rush and Bill like to pin on the Democrats:

if you spurn it or any other voice solely on ideological grounds, you’re dooming yourself to small-mindedness. Sorry to get preachy. I just find this mentality baffling.

It’s fine to stand outside the debate and say “I’m not going to lower myself to your level of thinking” but when the other side spins that back as “See, they think they are better than you, you’re just a bunch of dumb rednecks and religious nuts to them”, you’ve got to do something.

And, now, Harry Shearer, of The Simpsons and Spinal Tap is taking over TPM for a few days.