why do americans think it is the credit card companies fault that they are in debt?

Question

i am a bill collector...i always want to know why people blame the credit card company for giving them the credit....no one twisted their arm and made the use the card...

Answer 1

I think people should think twice about having a credit card.....its not good to have multiple credit cards...1 credit card with 2k$ limit is OK...not more than that


Its the people who want to have more and more credit cards.

Answer 2

No they didn't make people use the card, but they sure made it easy. Low introductory rates, low minimum payments - it all means it can take 40 years or more to pay off the balance once you stop using the card.

If banks fully disclosed the terms of credit card 'loans' (like with a home mortgage or car loan), I'm sure people would be much less likely to use them.

But it's not just the banks, it's the marketers/advertisers. They make it look like you have to have everything right now in order to be happy. Most people don't learn that stuff won't make you happy until they're WAY over their heads in credit card debt. That's when you start calling - when they're unhappy with all the stuff that didn't make them happy and depressed because they can't pay their credit card bills.

Answer 3

People don't like looking at themselves. Many people don't want to work hard and save. They want what the joneses have and now.

There isn't enough finiacial education out there for people, especially those who can least afford having debt. Everything is being advertised as "easy payments". (48 easy monthly payments as little as ...)

But the credit card companies work hard to make sure that cash isn't acceptable anymore. You cannot reserve a hotel room without a credit card number. Most car rental don't allow you to rent a car, unless you put SIGNIFICANT cash down. You can't even make airplane reservations without a credit card. (Maybe through a travel service and maybe only after the check cleared).

Yes the majority of the fault are people, but the credit card companies have to take at least 10-20 percent of the blame.

In fact, the credit card companies make the most amount of money, for itself, in over the limit fees and late fees. They do not want people to be responsible... they want people to feel guilty. They want people to not pay their bill on time and then charge them a horrendous fee and people fight to try to make those payments until they are swimming in debt. (just an opinion, not scientific fact).

Answer 4

Easier to blame the credit card companies for their own reckless spending , disregard for agreements , and they think they are getting away with one . They are getting away with nothing ibn todays high tech area we can and will follow you anywhere . We report you to all the major credit bureaus and you will pay more for rents , insurances , and loans . You as a collector are doing your job and that is why you get the brunt of ignorance from the people you call . No one made them use the card or buy the items . You have a tough job but as long as their is losers out there and credit - you will always have a job . Great job security for sure !!!!!!!!1

Answer 5

Personally, it's not that I blame my credit card companies, it's the stinking interest that gets tacked on at ever growing rates that bugs me.
I realize that credit card companies are in business too, and that they want to make money, and the way that they do that is by charging interest and late fees and over limit fees, etc, etc...
A lot of people who use credit cards are in the unfortunate situation of having to depend on them for living expenses. Often times it's because of outragous medical bills or employment problems.
I am not trying to excuse irresponsible behavior, please understand that. I don't beleive that many people are properly educated on credit and money management. I know I sure wasn't. I wish that I had been better educated about money growing up. Personally, I'd like to see a mandatory class of financial management in schools. That way, when 18 year olds are recieving credit card offers in the mail, they will really understand what that credit means to their future, and have a realistic view of what they can afford.

Answer 6

The thing is that college students are surrounded by credit card apps. They are just experiencing adult hood so figure a credit card would help them out, so they end up applying for everyone they see. Next thing you know they get qualified for all of them (for some odd reason all college students get qualified) and figure to use them all. when they get the bill @ the end of the month they are over whelmed with the total of all the bills that they can't pay them all along with school books.

Answer 7

Because most people instinctively know the credit card companies are renting us the shovel to dig the hole we find ourselves in. They don't want American to use credit responsibly, they want us to misuse the card and then pay the penalty without assigning them any responsibility for making that misuse possible, if not probable. The only difference between credit cards and loan sharks is the legality; the basic premise is the same.

Using your argument, drug dealers shouldn't be held accountable because they don't force people to use drugs. If they hired better lobbyist, maybe they wouldn't be.

"Twisted their arm"? No...deluge us with coercive advertisements campaigns, provide contractual obligations to "adults" no even old enough to buy alcohol, and influence political figures with soft-money to protect their business interests? Oh yeah....

Answer 8

It is not that. , they use the smooth tactics that give you the teaser rate to begin with, and bombard with ADmail constantly. admail is the big business.

Answer 9

Yep, all Americans think that all right, you've got us pegged.