You always hear or see about someone going into debt.
2007-07-26 15:55:47 · 8 answers · asked by Swag 3 in Business & Finance ➔ Personal Finance
Credit Cards are a trap. PERIOD.
No one intends to go into uncontrollable debt or file bankruptcy.
It happens because we know more about how to purchase something for just $** a month than we know about how to live on less than we make.
Instead of learning how to save for holidays, birthdays, vacations, and emergencies, we are taught to keep an emergency credit card.
Instead of building up our net worth we are taught to build up our credit "I love debt" score.
Credit Cards are a trap for the "unmathematic", the inpatient, the impulsive, the uninformed, and (worst of all) the poor.
2007-07-26 16:26:41 · answer #1 · answered by TruthSeeker 3 · 0⤊ 0⤋
they are a trap for irresponsible and responsible people alike.
Lots of people on here say they borrow on them and then pay them off before the interest. McDonald's said that when they started accepting credit cards the average transaction went from $4.75 to $7.00. You spend more with plastic.
"I just use them for emergency's". That's bull spit too. you can save up an emergency fund. that the worst time to go into debt.
another is that they are using them to build credit. You have to borrow money and stay in debt to have and keep a high fico score (I LOVE DEBT SCORE). You have to make payments and pay interest. Wow, just think of the money you would have every month if it wasnt going to payments.
You dont need a credit score for a home loan. Manual underwiting. The way it use to be done before the fico score. Same interest rate as someone with a high fico score.
2007-07-27 11:04:53 · answer #2 · answered by heybulldog 5 · 0⤊ 1⤋
No, you can't blame credit cards for people bad money problems. Even if you have a credit card doesn't mean you have to "charge" something you can't afford. It's not a trap, they are useful in increasing you credit score. Which in turn, will help you out in purchasing a house, car, etc.
It's called free will... not a trap...
2007-07-26 23:08:25 · answer #3 · answered by prprincess 4 · 0⤊ 0⤋
Yes it is a trap for irresponsible people. People do not think it can happen, but it does. Some people even thinks it's free money. Plus the interest rates are ridiculously high.
2007-07-26 23:05:02 · answer #4 · answered by hot47qt 4 · 0⤊ 0⤋
Sure. But so are casinos... and they are legal in some states. Predators vs Prey. People without the financial means OR knowledge can be easy prey for the CC companies.
2007-07-26 23:10:20 · answer #5 · answered by climber514 1 · 0⤊ 0⤋
No. (They are a trap for employed people)
2007-07-27 03:44:53 · answer #6 · answered by Anonymous · 0⤊ 1⤋
I believe so, although banks don't want you thinking that.
2007-07-26 23:00:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
one word simple answer ABSOLUTELY
2007-07-26 22:58:50 · answer #8 · answered by Matthew9126 2 · 1⤊ 0⤋