Credit Cards should be banned. It gets consumers into trouble. What do you all think?

Question

I have learned my errors in the past. I am so sick of being a slave to high interest rates, paying minimum payments towards credit cards. My philosophy has changed regards this. What do you the consumer think? Most households have a total of 8 credit cards and they are all maxed out. How can banks justify such things and get families into trouble?

Answer 1

I think that credit should be banned. We should live off of cash like people used to do. We need to stop acting like two year olds with the mentality of " I want it NOW" and learn how to actually save up for something that we want. Credit card companies set up in front of colleges to rope them in so not only do they have college loan debt when they graduate they have credit card debt too! I can go on and on.

Answer 2

Ban Credit Cards

Answer 3

I disagree entirely. What is your source that "most households have 8 cards and most are maxed out"? I read an article not long ago by Financial columnist Laura Rowley, stating that statistics that show some large balance that the average American has is actually greatly overstated, and that the average household actually pays off their credit card bills in full each month.
Its not the credit cars that are the problem. It the irresponsible people that cannot control their spending which is the problem. My cards are not maxed out- I pay the balance in full each month, and have done so since I got out of college. They have helped out my credit score immensely, and have allowed me to travel the world with very little cash in my pocket. I can buy expensive items without having the risk of being robbed carrying a lot of money to complete the purchase. I have bought a few items from scammers on eBay with my credit card, and have gotten my money back every single time (but the 1 time I pad with a personal check- wham, my money was gone, and there was nothing I could do about it). And I earn rewards each month- often in the form of a check which I deposit into my account, just for using my card instead of cash, which is a huge advantage over anyone that just pays in cash/check.
Credit cards are great if you are responsible. For the irresponsible, there is always something out there that will get them in trouble. Some people always have to learn the hard way.

Answer 4

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RE :Credit Cards should be banned. It gets consumers into trouble. What do you all think?
I have learned my errors in the past. I am so sick of being a slave to high interest rates, paying minimum payments towards credit cards. My philosophy has changed regards this. What do you the consumer think? Most households have a total of 8 credit cards and they are all maxed out. How can banks justify such things and get families into trouble?
1 following 41 answers

Answer 5

It's not the card that gets consumers into trouble; it's their own habits. Credit cards are a great thing if people learn to control themselves. Not every household has eight maxed out credit cards, by the way.

Answer 6

The bank is not the one who made the charges. The bank is not the one who made late paymnets, resulting in the customer deserving a higher interest rate.

Don't blame banks for trying to make money and feed their families. Parents and schools should do a better job of teaching young people how to manage their credit.

If you can manage your credit, there is nothing wrong with cards. There are actually a lot of positive benefits.

You can shop online.
You can get cash or pay for a motel room if you are out of town and did not bring cash.
You can cover emergency expenses.

The problem is not the cards. The problem is the users.

Answer 7

One credit card is all you should need. Get one that gives mileage, no annual fee, or something to that nature. Pay them off monthly, and treat them as if it was cash you spent. If you don't have it, then you don't spend it. In my early 20's I had 8 cards, all maxed out and my house was burned down!! Yikes, what a mess, just the clothes on my back and all that great stuff I charged, GONE!!! I learned then that living beyond my means almost messed up my credit. Thanks to a dear friend, I was given a loan at no interest, and never did that again!!!

Answer 8

credit cards have its merits and demerits. best thing is always paying in full when you use them and using them on rare occasions when you really need to. like recently my company messed up my wages and had some bills going out by direct debit. i had no money else where, had it not being for my credit card i would have incurred charges with my bank and it would have affected my credit rating as well. i just paid the bills in advance with a credit card and paid the card company in full when my pay got sorted, interest free as most cards give you 56 days interest free now.

Answer 9

The economy will not be strong if it wasn't for people spending money they don't have... If you ban credit cards, then the country will go into a recession and many people will be out of a job. This is not healthy for the security and well-being of our country. Greedy people who love to buy stuff with money they dont' have must suffer for the rest of us to have job security. Yes the credit card companies make it easy for people, but at the end of the day its greed that makes you buy all that stuff.

Answer 10

They ARE dangerous. Our credit was ruined a long time ago - lost our home (a lot of bad things happened).....we haven't been able to use a credit card in about 8 years. Christmas is always slim and sometimes "none" but then again, it shouldn't be about buying stuff anyway. My entire thinking has changed. The only problem is if you have an emergency and no cash, like a car breaking down. We've had to get cash advances for this purpose and it does cost money but it's a lot safer than credit cards. Wal Mart asked me to apply for one and I said 'are you crazy? I love this store - that would be the worst thing ever" - ha ha.