How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer

How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (Full Version)

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Brain -> How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 12:01:54 PM)
I also think they are sucking the life out of the American economy and slowing economic recovery. Of course we wouldn't want to regulate an industry that destroyed the economy. Obama has not demanded banks change the way they do business and as long as Tim Geitner is in there nothing is going to change. How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer There have been very few things more damaging to American consumers over the past couple of decades than credit card debt. Easy credit has enabled many of us to live absolutely fabulous lifestyles, but outrageously high interest rates, ridiculous penalties and predatory fees have sucked the financial life out of millions of American families. It is very easy to blame the rapidly exploding debt of the U.S. government for the economic collapse that we are now experiencing, but the truth is that tens of millions of Americans have created their own personal economic disasters by overusing credit cards. The temptation of easy credit has been too much for millions of Americans to resist, but now all of that easy credit is proving to be incredibly difficult to pay back, and massive debt problems are literally tearing many American families apart. The reality is that credit cards are one of the greatest inventions for sucking the wealth out of middle class American families ever invented. http://theeconomiccollapseblog.com/archives/the-credit-card-trap-how-u-s-credit-card-companies-are-sucking-the-financial-life-out- of-the-american-consumer

willbeurdaddy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 1:48:39 PM)
and now for last century's news update....

servantforuse -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 2:01:13 PM)
This is a free country. If people are irresponsible with the use of their credit cards, that's their choice and will be their problem.

willbeurdaddy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 2:05:59 PM)
quote: ORIGINAL: servantforuse This is a free country. If people are irresponsible with the use of their credit cards, that's their choice and will be their problem. Agreed, but only in the context of the new laws restricting increases in interest rates on prior purchases. That was a practice that should never have been allowed.

eyesopened -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 2:17:07 PM)
The cool thing about credit cards is that a person does not have to have one. I have never had a credit card. I had an Amex charge card back when I was in outside sales but that was a company card. I discovered that one can live a prefectly normal, happy life without credit cards. I am all for regulating the predetory practices of financial insitutions. I could just cry every time I drive past one of those pay-day loan places or hear their tv commercials. Seems like those kinds of places should be considered usary and should be illegal. But then I never go to those places or rent-to-own or any other bottom-feeding place that preys on the poor. Obama isn't magic. I'm not sure why Obama is responsible for everything or how he can just wave a wand or say a thing and it happens. Look at Las Vegas! He tells people not to go there and today CNN does a whole story about how Vegas is seeing a come-back.

pahunkboy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 3:17:23 PM)
quote: ORIGINAL: servantforuse This is a free country. If people are irresponsible with the use of their credit cards, that's their choice and will be their problem. "gotcha" types of user plans tho now are on everything you consume. weather it is a warranty- a phone plan- TV hook up- GOTCHA.

MstrPBK -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 3:26:40 PM)
I can say this with all due seriousness. How many of you (yes you) could stop using your credit cards (all of them), pay off the credit bills, and then never go back to using a credit card again??? I live without the plastic money. And I bet I save money for not doing so. And my guess if even 1/4 of the US citizens were to STOP using credit cards the industry would panic. MstrPBK St. Paul, MN USA

LadyEllen -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 6:53:13 PM)
I would expect that that is what is driving the companies to grab whatever they can with unreasonable exercise of their ability to vary rates and penalties though - people have stopped using their cards and are trying to pay them off, and others have had credit lines reduced or cut or had to be written off as unrecoverable debt - so the sector is already panicking, seeing its market and prospects declining rapidly and not likely to ever be rebuilt now that we've all had this experience. E

servantforuse -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 7:57:59 PM)
You have to be an adult to get a credit card. Act like one when you get it and use it responsibly.

Smutmonger -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 7:59:30 PM)
I've never had or used a credit card.

LadyAngelika -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 8:02:29 PM)
Elizabeth Warren, the chair of the Troubled Asset Relief Program Congressional Oversight Panel just reported on Real Time with Bill Maher 120 Billion dollars in interest rates and fees for the US in 2009. Big issues. The fact that people can't book a seat on a plane, reserve a hotel room, buy something online, etc without a credit card not to mention all the pressure to have one, being sent pre-approved ones in the mail, etc. Yes, we are all adults. We are also all human. - LA

servantforuse -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 8:33:59 PM)
Lady Angelika, You can do any one of the things you mentioned with a debit card. Credit cards are not needed to do any of them.. You also do not have to pay 30 % on a debit card..

pahunkboy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 8:47:32 PM)
gosh- how do you pay for the internet if you are unbanked? http://www.cato.org/pub_display.php?pub_id=11038

Smutmonger -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 8:48:27 PM)
It's called "sending a money order"

LadyAngelika -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 9:35:56 PM)
quote: ORIGINAL: servantforuse Lady Angelika, You can do any one of the things you mentioned with a debit card. Credit cards are not needed to do any of them.. You also do not have to pay 30 % on a debit card.. Not in Canada. Not yet. At least I don't think so... - LA

pahunkboy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 9:58:03 PM)
quote: ORIGINAL: Smutmonger It's called "sending a money order" to an ISP? which one? They require an account to deduct it from. but maybe there is one that takes money orders. who?

Musicmystery -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 10:06:56 PM)
Thousands of them---in many cases, for DSL, it's on the phone bill or the cable bill.

pahunkboy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 10:21:18 PM)
quote: ORIGINAL: Musicmystery Thousands of them---in many cases, for DSL, it's on the phone bill or the cable bill. ok- tho programs such of lifeline- which is a phone credit for the poor- does not allow one to have "features".

pahunkboy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/19/2010 10:23:03 PM)
http://www.lifeline.gov/lifeline_Consumers.html

willbeurdaddy -> RE: How U.S. Credit Card Companies Are Sucking The Financial Life Out Of The American Consumer (2/20/2010 2:10:58 AM)
quote: ORIGINAL: servantforuse Lady Angelika, You can do any one of the things you mentioned with a debit card. Credit cards are not needed to do any of them.. You also do not have to pay 30 % on a debit card.. You dont have to pay 30% on a credit card either, if you pay it off. The problem with debit cards for travel is rental car companies and hotels will put a hold on the card for much more than what you are actually purchasing.

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