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399 Comments
- Otto, on 02/22/2008, -11/+138Nonsense. Don't blame the cards for your own inability to stop using them.
I have 5 credit cards and no outstanding debt on any of them. It's called self-control and knowledge of your financial situation. - plizard, on 02/22/2008, -4/+100pay it off every month. the end.
- pleeker, on 02/22/2008, -17/+90In the past year, we've gotten rid of 7 credit cards. Still have a couple to go, and then it's all cash and debit cards. Consumers need to take responsibility for their buying habits, but credit card companies are nothing short of evil.
- siszam, on 02/22/2008, -10/+59The borrower is slave to the lender. The Bible says that debt is a curse.
- meshman, on 02/22/2008, -7/+52"This "sweet spot" continues to grow as the average credit card debt among American households has more than doubled over the past decade. Today, the average family owes roughly $8,000 on their credit cards. This debt has helped generate record profits for the credit card industry -- last year, more than $30 billion before taxes."
I don't recall banking reps dragging me out of my house, forcing me to put stuff on my credit cards. If a family owes $8,000 on their credit cards, who's fault is that? The evil credit card companies? It's not the credit company's fault I might like to spend money. Don't like their fees? Find a better one or don't use them at all. If you have to, accept the fact that this is the way it is and shop (for credit) wisely. - DrMonkeyLove, on 02/22/2008, -6/+46Yeah, seriously. Boohoo for everyone who doesn't understand what interest is. If you can't control your spending, it's not the credit card company's fault. It's not like dealing with your personal finances is hard. There's no calculus involved. Just some adding and subtracting, maybe a little multiplication. I'm so tired of this "blame everyone but me" attitude that people have every time they get in trouble. If you're buried in credit card debt, it's your fault, and no one else's.
- RealmDown, on 02/22/2008, -10/+44Excellent work, keep striving. Down to 1 here.
Speaking of evil, lets not forget the current ad campaign that shows anyone spending cash or writing check is "holding up everyone else." Criminal indeed. - MicrosoftBob, on 02/22/2008, -5/+36Yet another reason to support PBS.
- ileftfark, on 02/22/2008, -3/+33I hate this mentality - "Oh, they made slaves out of us!"
They're a credit card company, not an angry mob with guns and *****. They can't "make" you do anything. People need to realize that they have a lot more power over their own lives than they'd like to admit. I messed up when I was younger, and had tons of credit cards and tons of debt. I still have debt, but I've paid off and canceled as many as possible. I'm down to two cards, and plan on closing out one of them.
It's fairly simple, once a person has built up good credit, the only reason to have a credit card is to spend money you don't currently have. That's not a good budgeting plan. - NeoRicen, on 02/22/2008, -20/+49Then don't get a ***** credit card. Spend your own damn money,
- katorga, on 02/22/2008, -2/+30OMG, don't replace a credit card with a debit card. The risk of identity theft or fraud is too direct. Just get ONE credit card, let them carry all of the fraud liability, and pay the thing off every month. I have two - one for everyday use and one with a very small limit for internet purchases.
- cam0man, on 02/22/2008, -3/+31agreed. I've supported this view in every digg submission on the topic....you have nobody to blame but yourself if you rack up credit card debt. I have 5 cards as well, each with it's own unique purpose and each one paying me money each year. I have an Amex card that's giving me not only cash back, but amazing buyer protection, extended warranties, theft protection, and even used to allow for pricematches. Credit cards are an amazing tool, the only problem is that they give the user too much responsibility.
The bottom line is that Americans can't control themselves. Whether you're given a credit line of $15,000 and can't hold back, or if you're given a dollar menu at McDonald's - over indulgence is bad no matter what. I don't see how people can rack up so much debt w/ credit cards. It seems pretty simple, if I can only afford to spend $150 a week or extra expenses, I can only afford to spend $150 a week - either in cash or on my credit card.
CC companies aren't evil, they're just not your babysitter or your mother. If you ***** up and get in over your head, that's your own fault, you agreed to all the terms. There's no surprises, you read that document that came with your card, right? Spend what you have and enjoy all the perks that a CC gives you. If you started writing a lot of IOU's, who would be evil then? the pencil and paper?
The fact is that CC companies know that they don't have a lock on you. You can always apply for a 0% 12m program on a new card and transfer your balance, most CC companies know this and will even lower your interest if you just call a few times...... - Otto, on 02/22/2008, -7/+29People who write checks should be beaten with sticks. /sarcasm-with-hint-of-truth
Also, most places around here don't take checks anymore, period. WAY too much fraud, it's not worth it at all.
I have nothing against cash, but seriously, use a damn card and learn some self-control. I mean, what is wrong with people when they have to actually "get rid of" their credit cards? Can't they simply not use them? Or pay them off every month? Are they that weak willed that they have to forcibly limit themselves from spending money by taking away the means to spend it? Really? I find that rather sad, actually. - RealmDown, on 02/22/2008, -3/+23Neither a borrower nor lender be.
Good advice in any religion. - robbob, on 02/22/2008, -6/+26That's a debit card promo (same as cash)
I cringe when I see someone pull out a check book.
I just want to say, "Hey lady, WTF?" - SteelChicken, on 02/22/2008, -9/+28ZOMG the evil credit cards companies MAKE me buy stuff with my CC! I have no will power, its THEIR fault
take some responsibility, pussies. - Bratan1, on 02/22/2008, -6/+25I don't understand the whole notion of being a slave to a credit card. Why can't people take responsibility for their own lives? My wife and I have 3 credit cards, but use only 1 on a regular basis. We then pay off the balance in full each month. If for some reason we need to make expensive purchases some month, we'll just open up a new card with no interest for a year, and use that, then close it once the balance is paid off. Seems like child's play to me
- ExSlashdotter, on 02/22/2008, -2/+21Not necessarily true. Most consumer credit card debt is just consumer debt. Just buying stuff you don't really need. Sure, there's people who use the credit card in a bind and get into trouble, but most people that just carry revolving debt are just consumers with no self-control, and no reason to make themselves stop.
- whorunbartertwn, on 02/22/2008, -0/+17Yup... while enjoying the better consumer protection afforded you by paying with credit card, and the cash back check once per year.
- orangetiki, on 02/22/2008, -1/+18I got a friend who was smart enough to have NO credit cards. None what so ever. Now makes 40k, but for some reason doesn't have a high enough credit score to get a loan for a house. Go Figure.
- DrMonkeyLove, on 02/22/2008, -4/+21And people's medical problems are the credit card company's problem how exactly? Should lenders give 0% interest loans to everyone with a medical condition?
- Otto, on 02/22/2008, -3/+19Sticking to a budget has nothing to do with whether or not you use a credit card. I stick to a budget and charge virtually everything to a credit card. It actually makes organizing purchases and sticking to my budget simpler.
It even makes me more money, since my own money sits in interest earning accounts longer while I spend the credit card companies money interest-free. - DevilInPgh, on 02/22/2008, -2/+17I can tell you why I have a credit card: reward points. Flying home a few times a year can get a little costly, so I want to be able to derive benefit and get a free round-trip (probably home) on the credit card's dime. G-d bless Citi PremierPass.
- bobbydiamondz, on 02/22/2008, -1/+15So, I'm what the industry calls a "deadbeat" as well. I pay my balance in full every month. So what do they do? They keep upping my limit. I now have one card with a $65,000 limit. WTF? I could never pay off that card if I maxed it out. Hell, I couldn't pay it off if I used 1/6th of what's available. I guess the banks have nothing to worry about though. If their crappy lending practices get them into trouble, they just go crying to ol' Ben to bail them out.
- diulei, on 02/22/2008, -3/+16While credit cards become a bad habit - it's your own damn bad habit. I have 3 credit cards - my WaMu one gives me free credit score updates, one I have to take care of re-curring bills and bill pay, and one is for gas and groceries because I get 5% back on those. I always pay off the card on time because I never spend more than I have.
If you overspend, that's your own fault. Credit card companies are a business like anything else - they need to make money. Don't blame them for your bad decisions. If you need the convenience, use a debit card instead.
Blaming credit card companies for your woes is akin to blaming McDonald's for making your ass fat. - ffttoteof, on 02/22/2008, -0/+13I wonder why they finance their homes if credit is against their religion? Is there a specific exception for home purchases? Or do they just ignore their religion when obeying it would be really really hard?
- crazybugger, on 02/22/2008, -13/+26Probably my best decision in life, not to have a credit card. Unfortunately, Credit cards are considered a status symbol in our idiotic society!
- PhairOh, on 02/22/2008, -2/+15There is nothing wrong with using credit cards. Credit cards are marvelous tools. They allow you to buy things without needing to carry around loads of cash and then they give you benefits as well. I use my credit cards for every purchase I am able to and as a result I get 1-3% cash back on all my purchases. A few months ago I got a check from my credit card company for $250, which I then used to help pay for my Xbox 360. And I've gotten all those benefits without the credit card company taking a dime out of my pocket.
The problem is not the credit cards, it's the abuse of credit cards. If you abuse credit cards and spend beyond your means, that's your own problem and not at all caused by the credit card or the credit card company. If you drive a car too fast on the highway and get a ticket, or worse get into an accident, do you blame the car manufacturer for making the engine too powerful? - zaribars, on 02/22/2008, -0/+12It's a very common misconception to think that having credit cards is a bad thing. The trouble actually starts when you charge more to your card(s) than you can pay off at the end of the month. Having a credit card or two and using them constantly whilst paying the entire balance every time you get the bill increases your FICO score over time. However, if you charge more than you can afford and you find yourself leaving balances on the card which accrue interest against you, then you are giving in to the scam. Limiting yourself to using only debit cards and/or cash might make it more difficult for you get the best interest rates for that home or car loan later on in life. Using credit cards wisely and paying entire balance month-to-month = better credit score = better interest rates for your car, home, line of credit, equity loan, etc.
- Otto, on 02/22/2008, -1/+13No, using them is fine. Abusing them is not.
- mediaspree, on 02/22/2008, -3/+15Get a card with cash back and pay off your bill every month. Its like giving yourself a 1-5% raise.
- mtwolf, on 02/22/2008, -2/+14I would contest this argument. This is why some people go into debt and bankruptcy, not a majority though. I would argue that a majority are people who are living beyond their own means.
- inactive, on 02/22/2008, -4/+15Has anyone realized that it's 100% acceptable in our society to be hopelessly in debt for life? Unless you are a silver-spooner it's almost impossible to get through life without accumulating some debt. Vehicles are $15K+, houses are $100K+, college tuition is $40K+ (and that's for a state college!).
I'm completely debt free at the moment, and am saving and investing every penny I have, but am looking for my first house purchase. Even when making a decent amount in income (BEFORE I get the crap taxed out of me) and having no debt trying to come up with $100K in cash is nigh impossible. It's almost as though nobody wants to see you succeed.
Days like these almost make me wish I lived in the 1800's and could just carve out a living with my two hands. Houses too expensive? I'll just cut down some trees from my property and make one myself (can't do that today, need a permit on my area and can only cut down three per year without heavy fines). No need for permits for government permission to take a dump in a hole on my land, or worry about loosing MY LAND because I can't pay property taxes.
*shakes Ron Paul's hand* It was worth a shot... - robbob, on 02/22/2008, -2/+13My Muslim friends all pay cash for everything because credit it against their religion. Even put away money each month for years so they can buy their next (used) car. The only thing they finance is their home.
I've learned from this, and now I'm stress free and work less. - avgbody, on 02/22/2008, -5/+15Nothing wrong with credit cards as long you don't use them, and it helps with your credit score. Personally I only have 1 credit card and haven't used it in 4 years. My only HUGE debt comes from my over price colleges I went to.
- nutmac, on 02/22/2008, -1/+11There are many reasons to get a credit card. Just pay the entire balance when its due and you won't have any problems. Credit card is often necessary for online purchases. It helps your credit rating. You can get rewards such as cash back rebate or frequent flyer miles. Many comes with fraud and theft protections, and it can be used to get money back or replacement. Many comes with insurance (not just health but against accidents). In some countries, purchases made with credit card are tax deductible. It frees your wallet from carrying ton of cash. It can be easier to balance your book using credit card statements.
- raynar, on 02/22/2008, -2/+12No read to read article, here's the breakdown:
-You sign an agreement for a card saying if you're delinquent then you'll pay big interest
-You're delinquent
-You pay
-You bitch - spyrochaete, on 02/22/2008, -0/+9Probably due to nudity.
- navster15, on 02/22/2008, -0/+9I use a credit card, but that's only because my bank has an asinine '6 free transactions per month' rule on my chequing account. Plus it's a rebate card, so I get a few bucks kicked back to me each month. I don't at all advocate keeping any sort of balance on your credit card, but it sometimes has its uses.
- DevilInPgh, on 02/22/2008, -3/+12Where did I say that? I was replying to the above comment, who said that self-control of one's credit is what would keep people from going into debt. All I said was that contrary to his opinion, sh*t can and does happen, putting people into a debt spiral.
- cawpin, on 02/22/2008, -3/+12Are you serious? You're comparing somebody getting conned to somebody applying for a credit card and then spending more money than they have. You are the prime target of the comment you replied to.
- nextyoyoma, on 02/22/2008, -1/+10My friend's mom actually said "Debit cards are for poor people." Seems to me that credit cards MAKE poor people...
- BoneheadFarker, on 02/22/2008, -0/+9That's actually not a good thing. Credit cards build your credit rating (funny enough). I was told to get a credit card after I got a full time job because I couldn't get a loan. You don't need to do much with it, but they will help in the long run when you want to go for any sort of loan. Of course, you do need to practice some self-control. I've been beating mine like a red-headed stepchild lately. That's definately not good for the credit rating...
- inactive, on 02/22/2008, -4/+12It does not mean your a sinner it means your cursed to be the lenders slave.
- DogBotherer, on 02/22/2008, -0/+8Isn't that Shakespeare?
- coheedcollapse, on 02/22/2008, -0/+8I haven't watched this documentary yet (I will when I have time), but personally I'm surprised that the credit card industry is the "most complained about". I've had FAR more problems with insurance than anything credit related. If I go over, that's my fault, but when an insurance agency not only tries to wiggle out of all payments constantly, but RAISES your rates if you actually decide to use their service is crap.
- josegutz, on 02/22/2008, -0/+8Lexus's and That posh Loft downtown seem to be the new rave, and stupid shows like Sex and the City & Lipstick Jungle are giving young women the wrong ideas about spending money irresponsibly on Shoes and bags. I know this one girl co-worker of mine, has a new outfit everday, and she is in major debt always complaining at work about her bills. She makes the same as the rest of us and she is still paying off that Dolce and Gabbana.
- DevilInPgh, on 02/22/2008, -1/+9And regular credit cards don't?
- DrMonkeyLove, on 02/22/2008, -0/+8Truth. If I see a fraudulent charge on my credit card, I just call and contest it. If I see a fraudulent charge with my debit card, there could be a crap ton less cash in my bank account before I notice.
- SgtBulldog, on 02/22/2008, -0/+7I have an AMEX I use that gets me 5% off at restaurants. I have a Chase that gets me 5% off on gas, supermarkets, and pharmacies. Another AMEX that gets me 2% off all travel. I pay off the balance in time every month and last year, I netted $400 in cash back alone. I also have a credit score over 750, which gets me the cheapest interest rates on car loans and mortgages. Getting these better interest rates save thousands to tens of thousands over the life of a large loan like a mortgage.
Bottom line, make the credit card companies work for YOU, not the other way around. Do NOT cancel your credit cards - that WILL lower your credit rating by lowering the average credit age and raising your debt to credit ratio! Pay your bills ON TIME, IN-FULL, and EVERY month and you will benefit big time and make your life much easier.
Can't pay IN-FULL? Pay off the credit cards with the highest interest rates first. When that one is done, pay off the next highest rate, and so on. When everything is paid off, apply for cash-back rewards cards and only use those. Remember, do NOT cancel your old credit cards! If you must cancel, cancel only the newest ones with the lowest limits and highest rates. -
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