Average interest rates have hit a new 9-year high of 14.7%, and we have credit card reform to thank for that. Por-kay? Unable to keep soaking you on the backend with hidden fees, tricks, and traps, issuers now have to push their profit-taking to the fore.
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So is this a bad thing? People who know how to use credit wisely usually pay off debts quickly (if not at the end of the month). Those who don't use it wisely will get soaked up front and will probably not overuse credit in the first place.
ReplyDeleteAnd remember that the CC company is also getting a 2-5% cut of every transaction when it happens.
ReplyDeleteThey're making a ton of $$, but cry about defaulting cardholders.
If they weren't issuing credit cards to people who obviously can't handle money well (and they do all the time, at extravagant interest rates..) there wouldn't be so many defaults.
10:28
ReplyDeleteyou use the credit card you have to pay for it. what do you mean they are issueing cards to people who can't handle money well. so its the card company's fault for people who do not know how to handle money.
that's the same idea as mortgage companies giving loans to people who can't afford them.
how about personal responsibility? how about teaching our young generation to manage money instead of blaming the folks who issue credit.
how about it america. wake up and stop being the victims that our government wants us to be.
Cut up all credit cards but one. Only use that one if really necessary, to rent a car or a hotel room. Otherwise pay cash.
ReplyDeleteAll change, even worthwhile change, has some pain associated with it.
I think everything will be alright if the red team and the blue team start working with eachother rather than trying to win at any cost.
Turn off Fox, Olberman, Hannity, Maddow, Limbaugh, et al. and read a book.