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


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How U.S. Credit Card Companies Are Sucking The Financia... - 2/19/2010 12:01:54 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		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
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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 1:48:39 PM   
willbeurdaddy


Posts: 11894
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Status: offline 		and now for last century's news update....

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 2:01:13 PM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		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.

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 2:05:59 PM   
willbeurdaddy


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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.

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 2:17:07 PM   
eyesopened


Posts: 2798
Joined: 6/12/2006
From: Tampa, FL
Status: offline 		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.



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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 3:17:23 PM   
pahunkboy


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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.

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 3:26:40 PM   
MstrPBK


Posts: 573
Joined: 1/2/2008
Status: offline 		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

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 6:53:13 PM   
LadyEllen


Posts: 10931
Joined: 6/30/2006
From: Stourport-England
Status: offline 		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

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 7:57:59 PM   
servantforuse


Posts: 6363
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Status: offline 		You have to be an adult to get a credit card. Act like one when you get it and use it responsibly.

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 7:59:30 PM   
Smutmonger


Posts: 995
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Status: offline 		I've never had or used a credit card.

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 8:02:29 PM   
LadyAngelika


Posts: 8070
Joined: 7/4/2004
Status: offline 		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


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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 8:33:59 PM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		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..

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 8:47:32 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		gosh- how do you pay for the internet if you are unbanked?
http://www.cato.org/pub_display.php?pub_id=11038

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 8:48:27 PM   
Smutmonger


Posts: 995
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Status: offline 		It's called "sending a money order"

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 9:35:56 PM   
LadyAngelika


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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

< Message edited by LadyAngelika -- 2/19/2010 9:36:24 PM >

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 9:58:03 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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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?

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 10:06:56 PM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline 		Thousands of them---in many cases, for DSL, it's on the phone bill or the cable bill.


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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 10:21:18 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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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".

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/19/2010 10:23:03 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		http://www.lifeline.gov/lifeline_Consumers.html

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RE: How U.S. Credit Card Companies Are Sucking The Fina... - 2/20/2010 2:10:58 AM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
Status: offline
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.

(in reply to servantforuse)
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