I read all these opinions on credit cards and how they are

[blues90]

Abused and this may be the case at times but I don't think in all cases.

Many people used them for things they could afford and at the low interest rates they had and were willing to pay the interest at the time.

However many insurance co pays went up and many procedures were not covered and most people at the time never knew they would suddenly find themselves out of a job or thought that suddenly the min payment would double or the interest rate would go from 3.5% or 7% to 29% or higher.

I just don't feel it was most peoples intent to not pay or live far beyond their means.

[Vincardog]

1. Most peoples' intent is not stronger than multi billion dollar multi nationals' intent to force

most people into delinquency and default.

[MrCoffee]

2. They should have KNOWN that the terms could change at the issuer's whim

It's called reading.

[Somawas]

5. None of which changes the fact that

the credit rd companies are pretty much all corpsefucking douchehammers.

[MrCoffee]

11. True...so why are we so outraged when they act like corpsefucking douchehammers?

I don't get it. They tell you up front in the terms of the credit card that they are, in fact, corpsefucking douchehammers. Know who you're dealing with, folks.

[blues90]

6. That's true , however .

People never expected this to happen so soon or at such a high rate and they had no idea how much it would go up. If you had a card and it was 7% how would you predict it would become double the min payment or go to 29% and how could one ever plan for that? That would mean if people could predict this they would never have used the card once and the total balance determines the total interest paid per month.

The banks don't suddenly increase what you get on interest in a savings account.

What you are saying is that a person should look at the 7% but apply 29% to their thinking and then decide if they can pay that or tear up the card.

[MrCoffee]

9. That's exactly what I'm saying...why do you expect the banks to play fair?

I have no such expectation.

[redqueen]

7. Some of them lost their jobs, had medical problems costing huge amounts,

or otherwise were blindsided.

Reading is great and all... so is good fortune... it's too easy to sit back and say 'too bad so sad' and pretend it can't ever happen to us, but it can.

[MrCoffee]

10. No, but they should have been fully aware of the terms of the credit card

I sympathize with the lost jobs, and the medical expenses, but not with either A) ignorance of the terms of a contract they voluntarily entered into or B) blind faith in the kindness of the credit card issuer

[redqueen]

15. Sure, but on that point... how many cards just change the terms?

I know all the ones I've ever used did. Regularly. So even if you read the terms and understand them... there's a chance they will worsen over time. If one is fortunate and can switch card companies, that's great. If one is less fortunate... well... sucks to be them I guess!

[MrCoffee]

18. Every one I've ever had changed the terms at some point

Some changes were minor, others were onerous. However, each and every time the terms changed, the option was there to close the account and leave the terms as they were before.

That's why I don't have a single "open" credit card account.

[redqueen]

19. Neither do I.

I wasn't aware that you could just close the account and leave the terms as they are.

Guess I'm one of them thar idiots that can't read! Ho ho!

[MrCoffee]

22. Based on my personal experience, whenever the new terms come in the mail,

there has always been a way to decline the new terms and close the account. Usually you have to respond in writing within some time frame (10 days is the most typical).

I've never personally seen a notice of a change in terms that didn't allow me to decline the change.

[SoCalDem]

3. The deal with the devil started decades ago

Campanies used to pay profit-sharing and gave regular raises..raises that were often tied to inflation.

When corporations started the merger-mania "Greed-is-Good" era, wages stopped keeping up"..

Banks stepped in to "fill the void" with EZ-Credit..

EZ-Credit is addictive, and many became credit junkies..

Corporate america saw no reason to raise wages because the "public" was getting all they wanted..on their own..

[lib2DaBone]

4. The game is rigged.. and its NOT in your favor....

the banks and credit card companies know what they are doing. They have bought and paid for the best legislature money can buy.

CONgress and the credit card companies can steal more with a pen than anyone ever stole with a gun.

[redqueen]

8. Of course it's not most people's intent to never pay their debts,

but it makes it easier to point fingers and feel all holier-than-thou if you just assume that about all or most... makes for less thinking, less call for compassion / understanding... it's just easier all the way around.

[ihavenobias]

12. Exactly. n/t

[MISSDem]

13. When will grown people get it that they MUST HAVE

an emergency fund and that they have to repay what they borrow.

[redqueen]

16. When will grown people get it that others CAN'T PREDICT the future?

So the savings accounts might very well be wiped out... and then what?

Are you new? Uh... welcome... enjoy your stay.

[MISSDem]

17. If you have an emergency fund that will cover 8 months

of your living expenses you are not liable to run into something that you can't work out. And "am I new"? I have 100+ posts here. Just because people insist that bills incurred must be paid does not make them a Republican. I don't understand why folks get so upset at this idea.

[redqueen]

21. An emergency fund that will cover 8 months?!

:rofl:



Many people have lots of posts but are still new. Your profile is hidden, which is why I asked. Didn't mean to offend your delicate sensibilities.

[MrCoffee]

20. redqueen, playing future odds against a credit card is a guaranteed loser

No one will ever win that bet. Why credit cards are considered a viable option in a case like that is beyond me. I really don't understand why people do that. It doesn't make sense to me.

[redqueen]

23. OK... next time I'll just be homeless for a while.

Thanks for the advice! Really!

[Cleita]

14. I have known two people in my whole life who scammed Cr. Card companies.

They would run up maximum credit balances, make the minimum payments and then get more credit cards with new maximum credit balances until they couldn't any more. They would then disappear leaving the cards unpaid. I have a feeling they were using someone else's identity too. However, the majority of people I have known have used their credit cards responsibly, like myself, and we really shouldn't have to pay for the crimes of a small few.

[blues90]

24. Are you saying that the rates increase because of those

who have defaulted? So I should end up drowning because I and others have to make up for what others did not pay and then we all go down with the ship. It sort of spirals out of control and will never end if that's the case.

I know people who got cards who don't even work or are on SSI , when I got my first card max $500 they called my employer and also checked to see if I had other debt. Isn't it up to the credit companies to check this shit out first. They invite this sort of issue if they don't.

When I lost my job I was unable to pay the cards and tried to work with the CC lenders but they would not have it. I sold every thing which was just woodworking tools to add to my income at the time and paid all of that to the CC debt I had and still I could not keep up because they raised the min on two cards to double and raised the interest rate. That was before I lost my job.

[Cleita]

25. That's about it in a nutshell.

My first CC was for $500 too. For years I paid maybe between 8% and 12% interest, then the landscape changed. Everything was up to what kind of deal you could make. They also upped the limits. I have a limit on one my cards that is a whole year's income plus high interest. Of course I don't max it out, however, I noticed that they change the contract at will and I have nothing to say about it. Cards that had low interest like 3% are suddenly way up there. Of course when they do that I pay them off and try to cancel them. One of my cards though won't cancel even though I requested it several years ago. They still keep sending me new cards. They are totally unregulated and can make up the rules any way they want. I really hope Congress puts a big clamp on this when they bring usury laws to the table, which they are looking at.