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
@
Jun 30, 2008 10:40:14 AM
Credit cards buying your life
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
@
Jun 15, 2008 11:08:48 AM
Loan sharks
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
@
Jun 01, 2008 01:29:26 AM
Loan sharks
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
@
Jun 01, 2008 01:27:31 AM
Credit Unions are the answer!
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!
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
@
Mar 04, 2008 20:58:41 PM
Credit Card Debt Solution.
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
@
Jan 21, 2008 00:01:52 AM
Credit used with thought
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!
Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
JimmyDaGeek of MD @ Jun 30, 2008 10:40:14 AM
sean of FL @ Jun 15, 2008 11:08:48 AM
Stephen Cataldo of CA @ Jun 01, 2008 01:29:26 AM
Stephen Cataldo of CA @ Jun 01, 2008 01:27:31 AM
Rebecca of FL @ May 15, 2008 07:30:02 AM
lyjbzm fvindbx of AL @ Mar 09, 2008 14:11:24 PM
qivay dimlnpq of AL @ Mar 09, 2008 14:08:23 PM
gc of NY @ Mar 04, 2008 20:58:41 PM
Alessandro Machi of CA @ Jan 21, 2008 00:01:52 AM
Richard of NV @ Dec 28, 2007 15:06:16 PM
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