Lenders....... Id say that once you have paid 3 times what you originally borrowed .... then you should be out of debt. But NOT with revolving credit ...... I see way too many people being allowed to borrow more than they should and for frivalous purposes. And when People go Bankrupt .... we wind up getting to foot the Bill By escalating Prices...... Agree or Disagree?
2006-08-24 13:07:15 · 9 answers · asked by D B 4 in Business & Finance ➔ Credit
Agree!!! My Mother who is now 82 had been paying sears for a lawn mower for 8 years that had already torn up. She started out with a low interest rate and then they said she didn't qualify anymore for that rate. She finally had to file for bankrupcy (on sears only)and her credit had been perfect until then. She had paid on the credit card and paid for the cost of the lawn mower 4 x what the original cost was. It was a shame to see her go through that at her age because she was taken advantage of by them.
2006-08-24 13:13:12 · answer #1 · answered by 51ain'tbad 3 · 2⤊ 0⤋
Wow, great question.
I have zero debt. I don't make much money. I don't have a car note, a mortgage, credit card debt, no revolving accounts. I think it's absurd to finance lunch or groceries, and that lenders are giving folks loans that have no business getting them. The credit card industry is hand in glove with our government, and we are paying the price. The credit card companies give money to bad risks, and what happens? The bankruptcy provisions are tightened. The fools that care about credit and are beholden to this system are to blame as well. The only way to stop them from taking our money is to OPT OUT, and stop giving it to them. Don't take money you can't afford to pay back! Caveat emptor...
2006-08-24 13:16:29 · answer #2 · answered by mightyart 2 · 0⤊ 0⤋
Why is it necessary for the Government to protect people from their own stupid antics.
Ride a motorcycle with no helmet.
Drive a car with no seat belts.
Leave a loaded gun laying around.
Go boating with no life vests.
Borrow more money than you can afford.
All these sins need to be addressed by the Government. And that has to be overseen to by some "do gooder".
As Hank Williams said, "if you mind your own business, you'll be busy all the time".
Give me a break, please just get out of my life. I am currently being regulated to within an inch of my life because MORONs can't take care of themselves.
The only thing I agree with about this, is let the guilty be held responsible, and leave me alone.
2006-08-24 13:23:42 · answer #3 · answered by gimpalomg 7 · 0⤊ 0⤋
Why give the government more power over us with still more rules, regulations and laws? Pay off all your credit cards and never again charge what you cannot pay each month. Get a charge card that pays you back for using their card. Then make sure you pay the entire owed amount monthly so as not to accrue an interest charge. If you cannot pay the entire amount owed, then curb your charging. About time we take responsibility for our own lives and stop relying on someone else to bail us out.
2006-08-24 13:15:14 · answer #4 · answered by pshdsa 5 · 0⤊ 0⤋
Yes and Yes!
I closed one account 10 yrs ago, and a month ago, they sent me a statement. I called them to SHUT DOWN THE ACCOUNT, and the next day, they shipped me out a NEW CREDIT CARD, which absolutely made me spit blood. It took a lawyer to get them to apply a payment correctly, and now this. I also hate it when my CURRENT credit card companys send me blank checks over and over trying to entice me into going into further debt.
It needs to be mandatory that high schools have classes about money management, and the students have to pass to graduate. It's become an epidemic!
2006-08-24 13:09:33 · answer #5 · answered by YRofTexas 6 · 0⤊ 0⤋
I agree the card companies give too much credit to people who can't afford to pay it back
but the people have to take responsibility and spend only what they can afford
2006-08-24 16:30:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Hey- here's a radical idea! Make people responsible for their own decisions. One of those responsibilities is reading the fine print that comes with the credit cards.
2006-08-24 13:13:38 · answer #7 · answered by Anonymous · 1⤊ 0⤋
"People being "allowed" to borrow more than they should"???
You and you alone are responsible for your spending habits. It's your responsibilty to control your financial impulses.
"frivolous purposes"???
What do you suggest ... a government employee assigned to each and every one of us to stand by our side and monitor our purchases?
"Is Credit Debt Killing you"?
Nope. I'm no financial fool.
2006-08-24 13:31:59 · answer #8 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
agree
2006-08-24 13:09:22 · answer #9 · answered by mickey 1 · 0⤊ 0⤋