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Credit Cards...evil or simply a valid business operating within a contract? |
With the latest turmoil in congress over credit cards and their "predatory" practices. I was wondering what everyon thought about this issue. Are they evil or simply a business who has a contract for their protection and operating within the legal precedents of said contract? I find it interesting that because credit cards have made it so easy for people to get and use credit, they are getting a bad rap when people abuse them. There are so many laws governing credit cards that it is pretty near impossible for a company to purposely scam an individual with a credit card. Even more interesting is all the other lending that gets a pass: 1. Layaways - the fees to layaway an item and pay for it within 30 days are more than the interest that would accrue on a credit card. Make the charge on a card and pay it off in a cycle and there are no fees. 2. Payday loans - interest rates run into the hundreds of percents 3. Interest only mortgages 4. 0% interest on furniture (and other stuff) - fine print says if you don't pay it off by the last date, interest on the entire period will be charged and at rates higher than lots of credit cards We, for some reason, don't want to hold people responsible for their actions. If you get a card, use it properly. Well, credit cards are evil, but they are a valid business operating within an agreed upon contract. If you have a credit card, you opted to accept the agreement and the contract. legal but a deplorable way to make a profit I think I love my credit card. I pay on time and they give me back 1% of everything I spend. Every year I get a nice little check for about 50$ from them. Credit cards are great, you can carry them and not have to worry about what happens if they are stolen. If you carry cash, once it is gone it is gone. But if your credit card get stolen you do not have to pay for any of the charges made when it was stolen. If you cannot control your personal spending and only make the minumum payment you are a moron and it is not the credit cards fault. Credit cards vary wildly. I work for an economic development organization and we try to identify the harmful and promote the good ones. Some credit cards really do verge on evil because they target loopholes in the law; once the loophole is closed, they find a new one. Some cards are really very good, have fair rates, full disclosure and good customer service. |
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