5 Reasons Credit Card Companies Won’t Survive

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Credit cards are a great thing for me. I do not have to carry cash; my card is stashed safely in a small billfoldtype magnet in my pocket. The problem is in the user of the card. I never exceed the amount that I can pay off at the first of the month; therefore, never having any interest to pay. Be smart; use the card; don't let it use you.

Edwina of TX 11:17AM June 29, 2010

Pay with cash. Keep one credit card for emergency's like being on a trip and having a car breakdown, otherwise always pay cash and never use the card.
When you become debt-free, it's like getting an extra 24% of taken home money since you are not paying interest to the banks. The banks are NOT your friends, all they want is fees and your money.
Put extra money into dividend stocks and make more money. Never talk to the bankers again. :)

Jack of OH 3:56PM June 13, 2010

Yeah-yeah-yeah, dump the credit cards, a.s.a.p.
We have been "suckered" by the card companies, for years.
I litterally cut-up my eleven credit cards, more than thirty years ago. Never missed them and saved thousands from interest, fees and other gimmicks.
After three years of paying in cash, my savings amounted to the price of a new car which I bought with cash.
Think about it. Cut up those cards, now.

Sven Moller of VT 1:27PM June 10, 2010

One of the best things you can do for yourself is to turn to the Credit Unions for loans. Many offer auto, home and even credit cards at better rates. They cannot raise your credit card interest rate above 18% like the banks can. You are a member so the focus is not profits at your expense like the banks.
Give it a try! It's worth the effort. Many have good balance transfer offers with low transaction fees, unlike the banks that have fees in the 3-5% range. And if they don't approve you, try again, appeal to the manager personally and take what you can get. It's definitely worth it and it will you give peace of mind from all the tricks the banks have up their sleave!
www.penfed.org is a national credit union that anyone can belong to either by being a member of the military, govt worker, family member, or by making a small charitable gift $25 to their charity. They are great! Currently have several options including a 4.99% balance transfer for 2 years with no transaction fees.
Do yourself a favor and check them out! I learned about them in a Money magazine several months ago and want to pass it on to others.
Credit Unions are the way to go!

Brenda of WI 1:03PM June 08, 2010

How in the world did we develop such a strong financial foundation before "Credit Cards?" Then, after the financial institutes realized that a credit card will allow them to harvest money form both business and consumers the scam was launched. Let's simply learn how to live both in the business and consumer world without "credit cards." Also, my suggestion is to simply use local credit unions and locally owned banks as your financial institution. Let the greedy glutenous big financial institutes go the way of the pirates. We don't need them; we just think we do because we have been told we do!

Randy of WA 12:55PM June 08, 2010

I agree with Marge of GA save for what you want, that is what people did to back
30 plus years ago. That way you are never in debt. Credit cards are fine for business
people, very very wealthy people carry them who can afford them, and others
in a profession where it is more practical to use credit cards than carry cash.
You can also use a debit card which can act like a credit card of a different sort if
you can afford it. I am going to save for what I want and dump my credit cards.

Linda of MO 8:47AM June 07, 2010

I have a VISA Credit card with my bank and I will continue to use it for at least one reason only. "CREDIT!!" Unlike a "CHECK CARD" a "CREDIT CARD" is used by the banking institutions to check your credit scores.
Since I don't foolishly spend money that I don't have, I do not borrow money very often and the "CREDIT CARD" lets the world know that I have good credit and always pay my bills on time.
Credit Cards will be around for a long time!!

Frederick Decker of NY 9:15AM April 30, 2010

After having my credit reduced and then interest rate raised for no apparent reason, never late, good credit score, I have cancelled all credit cards. We don't need the plastic. You don't have cash, then you simply can't afford the item; learn to save for what you want, even a home like the good old days!

Marge of GA 1:15PM April 25, 2010

Only an idiot would have a CC. The 'leeches' in the big banks in NY are sucking the blood out of poor people! They are legal 'robbers'.
What ever you have to do get away from these snakes!

justin of AZ 4:35PM April 14, 2010

This article makes all sorts of assumptions, many of which are invalid.
Mainly, it assumes that all credit card companies make most of their revenue from people who carry balances and that only people who carry balances use credit cards.
Consumers are getting "smarter"? I have been using my credit cards for years to make everyday purchases and them promptly paying them off at the end of the month. Unlike "smart" consumers (as stated here) who use debit cards, I have the added safety, convenience, consumer protection, and rewards afforded by using a real credit card as opposed to a debit card. It's a win-win: I win for the reasons I just stated, and my CC issuer wins by collecting all those interbank fees from the merchants with whom I do business.

Pete of KY 2:12PM April 14, 2010