Credit Card Debate over Consumers' IQ

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I strongly disagree with your closing statement. PEOPLE ARE STUPID, and lazy and greedy and selfish. Why do people keep spending money they don't have on things they don't need? Why don't people save more money for their retirement? Why do people max out their credit cards and keep getting more? Why do people spend without a budget and say they have no idea on how to create or keep a budget?
Most people's debt come from poor lifestyle choices like having more children than one can afford or going on vacation instead of contributing that money to an emergency fund. Unanticipated catastrophes like medical expenses are the exception, not the norm

JimmyDaGeek of MD 10:40AM June 30, 2008

Yes, it is hard to not use credit cards when you lose your job and go to unemployment. Credit Cards offer you minimum payment what is every month you need to pay +add interest on that.You paying this long time making them richer and richer and geting your self poor and poor. If you do not pay on time they increase your interest rate and late payment fee making you go more to poor...
Power to the people and make equal every human on the earth, to share with each what they have, then we will not need credit cards or be poor....
We need to help each other equal.NOT I AM REACH AND YOU WILL STAY POOR
PEOPLE NEED TO HELP EACH OTHER ,TO WE be ABLE TO LIVE. THE END OF WORLD IS COMING ,GLOBAL WORMING, We need to stop that togheter...for future
of our childrens... We need think for future......
Peace to the Earth and love each other.....

sean of FL 11:08AM June 15, 2008

This isn't anything new in the world. The credit card companies are increasingly becoming loan sharks, preying on those who -- whether through mismanagement or desperation -- make any mistake. I broke my leg and was late on my Household Bank payment by a couple days -- they charged me a fee greater than the amount I was supposed to pay. This can be used as an excuse by other companies to send rates through the roof. They feed on the misfortunes of others -- it's one thing to offer higher interest rates to people who are bad risks, it's another to raise rates once someone is struggling.
We need to simplify our lives when we can -- though hospital bills are the budget- and credit-death for many people, I don't know what to recommend to people who have something worse than a broken leg.
Except we all should get rid of the politicians who are in the pockets of these loan sharks: see if your local politician supports fair restrictions -- for example preventing "universal default" where we can pay a credit card company on time but they raise our rates for being late somewhere else. Especially the politicians that support bailing out the banks but letting individuals get sharked, get rid of them!

Stephen Cataldo of CA 1:29AM June 01, 2008

This isn't anything new in the world. The credit card companies are increasingly becoming loan sharks, preying on those who -- whether through mismanagement or desperation -- make any mistake. I broke my leg and was late on my Household Bank payment by a couple days -- they charged me a fee greater than the amount I was supposed to pay. This can be used as an excuse by other companies to send rates through the roof. They feed on the misfortunes of others -- it's one thing to offer higher interest rates to people who are bad risks, it's another to raise rates once someone is struggling.
We need to simplify our lives when we can -- though hospital bills are the budget- and credit-death for many people, I don't know what to recommend to people who have something worse than a broken leg.
Except we all should get rid of the politicians who are in the pockets of these loan sharks: see if your local politician supports fair restrictions -- for example preventing "universal default" where we can pay a credit card company on time but they raise our rates for being late somewhere else. Especially the politicians that support bailing out the banks but letting individuals get sharked, get rid of them!

Stephen Cataldo of CA 1:27AM June 01, 2008

Check around for a local credit union that you can join, and if you want or need a credit card, get it from them. They are loyal to their customers, are not profit-making entities, and are usually very quick to resolve problems and responsive to their customers. I belong to two, and only use their visa and mastercards. It's the BEST CHOICE out there!

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qivay dimlnpq of AL 2:08PM March 09, 2008

Predatory lending is _tanking_ the US economy. Sub-prime mortgages and credit card rate rate flimflams are ironically killing the geese that lay the banks' golden eggs.
The only answer is to pay cash and avoid credit. If you find yourself making an informed decision to take on debt, go to your local CREDIT UNION for mortgages, credit cards and personal or student loans. Those institutions are not "for profit" entities in the same ways that banks are, and can generally be trusted to stick to the terms of a contract.

gc of NY 8:58PM March 04, 2008

Hi Richard, a substantial part of the economic growth that has been part of President Bush's tenure is a direct result of all the credit that was handed out.
Banks overloaned money to too many people. Rather than take responsibility for overloaning too much money to too many people the banks want to blame the consumer, "write off the debt" and then probably raise the interest rates on those who still are trying to pay off their debts. It wouldn't surprise me if the banks also sneak these deadbeat accounts into other stock offerings.
NOBODY should have their debt "written off" without first determining if they can pay off their debt interest free. Nobody talks about this novel approach yet it would be a better approach versus any proposed tax cut and far less condescending. We don't need the government to "rescue" consumers from greedy bank programs and the bankers that can't comprehend the concept of overloaning nor take no responsibility for their actions.
http://www.credit-card-cap.com
http://www.credit-protector.com

Alessandro Machi of CA 12:01AM January 21, 2008

Walt of WV -- My thoughts exactly. "IF YOU CAN'T PAY CASH YOU CAN'T AFFORD IT! It's that simple."
Wake up people, Your handed your credit card to the merchant to pay for an item that you knew damn well you did'nt have the cash to afford. But you wanted it NOW, and now its not your fault but the greedy credit card companies. Come on wake up!

Richard of NV 3:06PM December 28, 2007