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Originally Posted by woj
illness or disaster is just an excuse, the problem is people charge up more than they can afford... as long as you don't charge up more than you have in your bank account, you will never have any problems no matter what the interest rate is, or no matter what life throws at you...
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I can see that. Responsibility is the key. Yet that's if the world were perfect and all things went right and nothing ever went wrong.
Some people shouldn't have credit cards. They just are unable to be responsible yet they'll get solicited anyway. Some people don't use them but when their own government or insurance company doesn't respond when disaster strikes, guess what? Them credit cards come in handy.
In a perfect world you're dead on balls accurate, but this is far, far from a perfect world.
Bottom line is when one person in the chain of events gets stupid, lazy, or irresponsible it falls along the lines.
Having said that, let's also look at that no matter what problems a person has, no company should be allowed to charge these huge interest rates. The Mafia doesn't charge rates this high. When the usury laws were in place we NEVER had these problems of massive debt. That was the lynch-pin right there. When credit cards were first issued by American Express way back in the day, they were only supposed to go to teachers to help them build a life to help expand education. Just like the bullshit state lotteries where they were only allowed to exist IF the winnings went to education, what happened soon as they passed legislation and people got hooked on that extra capital? They started fucking it up and using the money for other shit. That's what happened with credit cards in this country. They were issued to help and avoid people from having to borrow from organized crime yet soon as they passed legislation what happened? It's been a slow snowball rolling downhill that is now bigger than the hill.
It was the wrong thing to do and we need to go back and establish that the displacement of the usury laws was wrong.