Some people owe staggering amounts.
When you owe over 3K on a credit card and only pay the minimum payment it would take 10 years to pay it off if you mever used it again.
I believe they should have the interest rate on them capped at 10% by the goverment.
They make enough profit as it is.
2007-11-04 08:05:33 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Only the stupid ones.
2007-11-04 08:09:35 · answer #1 · answered by Piztaker 5 · 0⤊ 4⤋
NO way !!!!!! they have not got any legal legal accountability to make the money. except they have been indexed on the cardboard as co-signer or an approved consumer. additionally in the event that they have been a client and not in any respect used the cardboard than they are able to contest the authorization ! dealing with a loss do no longer would desire to sense to blame for the debt. The mastercard organisation will play on vulnerable human beings. do no longer take it. do no longer pay, they're going to write it off and get tax credit so don't sense undesirable with regards to the debt. additionally seem into the enjoying cards being insured in case of a dying.
2016-09-28 08:05:46 · answer #2 · answered by sedlay 4 · 0⤊ 0⤋
I don't have a credit card.
So, no, it's not bothering me.
I think a lot of people are living WAY beyond their means, buying crazy-expensive houses on 40-year mortgages, running up big credit card bills, buying fancy-shmancy vehicles...credit cards are nice for, say, booking a hotel room or plane ticket, but shouldn't be used too often.
The only thing that's really great about credit cards that you can't get with cash or checks is that you're not responsible if you get scammed or your holiday location gets hit by a hurricane or something. I never had one of my own (I had a copy of my parents' card for plane tickets when I was in college, or emergencies) and my credit's good anyway.
I guess the main problem with them is that they let people be way more irresponsible than they could ever be with cash or checks. I mean, you bounce a check, you got $80 bucks in fees and a negative account balance.
Credit cards, though...the fees and debt just keeps growing like that giant underground fungus that swallowed up Mulder and Scully. They felt just fine but they were actually being eaten by a big slimy blob...yeah. That's credit card debt for ya.
I don't think people who can't pay their bills should be extended so much credit. If you can't pay one bill, you shouldn't be given another card, and another card, and another...and the limit on each card should be capped if the cardholder can't pay.
If it were just a matter of stupid behavior reaping big nasty consequences, that would be one thing, but credit card debt also has deception and shady business practices mixed in. For those who really can't stick to a budget, the credit card companies should cut them off instead of raising their limits and letting them get multiple cards.
They're such enablers.
2007-11-04 08:37:30 · answer #3 · answered by SlowClap 6 · 1⤊ 0⤋
obviously there are various reasons why people have credit cards,but in life there are also people who will get into debt irrespective if they posses a credit card or do not, there should be a mandatory limit on the card what can, be owed Religiously enforced. access to the credit cards system is too easy. More scrutiny needs to be implemented prior, to a person being issued with one. Yes there is an abundance of evidence that lives have been ripped apart by credit card debt
2007-11-04 08:21:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes it is, but until you decide to wait and save before you buy rather than get it on tick, then it is your own fault. Even the boss of Barclay card said he would never use one as a way to borrow money as the interest rate is so high.
The way to avoid all the hassle is to take control of your money and not have money in control of you.
If you look at it how many things that you spend money on do you REALLY need and not just want? When you are in the hole the best answer then is to stop digging. If you need more money to help fill in the hole look at the links below
2007-11-04 08:20:00 · answer #5 · answered by more4yourlife.co.uk 2 · 1⤊ 0⤋
This must be a great worry for some people, but there are a significant number of people who couldn't give a monkey's HOW much they owe the credit card company. They just don't pay it. I think these are the ones who have got it right, personally, although I'm not one of them.
2007-11-04 08:12:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Pablo,
capping interest is an other step to Social ism and Fascism. we have done enough damage with the Patriots Act.
What is needed is education of fiances
(not buy credit slave cards or bankers) starting in school. unfortunatly because most 'adults' under 60 do not know how to own their money.
may i suggest a reading
'total money make over' d.ramsey helps our folks retain their cash.
spending less and getting more value from their paychecks.
our associates have a mandatory read of the books.
2007-11-04 08:12:53 · answer #7 · answered by Anonymous · 1⤊ 0⤋
I dont think the government should be regulating private businesses because some people do not know how to use credit wisely. When we were a cash only society people only bought what they could afford. Now we have the mind set that we want everything now even if we dont have enough money to buy it and that we deserve to get it.
2007-11-04 08:15:19 · answer #8 · answered by Diane M 7 · 0⤊ 0⤋
Yes it is and thats a great idea but it probably never happen
2007-11-04 08:10:43 · answer #9 · answered by den 3 · 0⤊ 0⤋
It can if you have no self control, but if you fall into that category then what else will do you in?
2007-11-04 08:52:29 · answer #10 · answered by Anonymous · 1⤊ 0⤋
and when you want to do something,i suppose you'll be happy to have the govt.. intervene and make you do what they want too????
2007-11-04 08:11:21 · answer #11 · answered by Anonymous · 0⤊ 2⤋