In the midst of this credit crunch...

[Junket]

I've never gotten so many credit card offers!

Anybody else getting the same?

I thought this was ironic considering I kept hearing that loans and even credit cards were being reduced. Hell, even people's current credit lines were even being dropped, even if they were good customers!

[boobaa]

Perhaps the credit card amount reduction talk was just a plan to get people immeadetly accept more credit cards out of fear?

[doppelgaenger]

I avoid credit cards at all cost. I know people who had to file bankruptcy a few times because of them.

[Junket]

I avoid credit cards at all cost. I know people who had to file bankruptcy a few times because of them.

Nobody had to file bankruptcy because of their credit cards. They had to because they were stupid and couldn't control their spending. Or borrowing, rather.

[ecojeanne]

Nobody had to file bankruptcy because of their credit cards. They had to because they were stupid and couldn't control their spending. Or borrowing, rather.

technically not true, credit card issuer's (the banks) change the the interest rates to a point some people have had to file bankruptcy.

now credit cards are a trap as i'm sure everyone knows, basically instant gratification of the cash and then later you get the hit, and therefore in debt and depending on the issuer that debt can increase to a point one can't pay. constant debt, credit cards are incredibly dangerous

[Junket]

How is it a trap?

You make this much money, you spend THIS much more.

Even the most financially inept individual understand that if you spend more than you can pay back, you're going to get in trouble. So it's not like credit card companies paint a picture of free money. They remind people of this every month. Don't defend the fools that put THEMSELVES into debt.

[ecojeanne]

How is it a trap?

You make this much money, you spend THIS much more.

Even the most financially inept individual understand that if you spend more than you can pay back, you're going to get in trouble. So it's not like credit card companies paint a picture of free money. They remind people of this every month. Don't defend the fools that put THEMSELVES into debt.

coz if people decide to pay the minimum (the interest rate) which a lot of people do sometimes and that rate changes and goes up, then it becomes a more serious problem than before, people don't get informed of the new rate until it's too late (until they get the next months bill) and they have budgeted for the existing rate then yes people are duped and end up in financial difficulty...so ye credit cards are traps.

also credit cards are conveinient and very easy to use and lose track of; not like a loan for a mortgage etc (coz that is given in a lump sum) and would usually be paid by standing order (and in ones mind be a priority) and not loaned to a person whenever they want to use the cash like a credit card is.

and credit card interest rates are much higher and can sometimes be changed to a ridiculously high rate without notice

these are the reasons credit cards are so dangerous

[DoesntMatter]

I don't understand how credit cards can get people into trouble if they only had two brain cells to rub together. I use a credit card for most of my purchases and just paid off my bill online

[ecojeanne]

I don't understand how credit cards can get people into trouble if they only had two brain cells to rub together. I use a credit card for most of my purchases and just paid off my bill online

DM thats good, and so do i, but sometimes for example emergencies happen and one has to spend more money one month and can't quite do that so decides to pay the interest only (the minimum requirement) and it starts from there, once a person gives in to lull of paying the minimum (which is what the credit card company wants) it becomes easier and easier and ironically harder and harder to catch up.

[Junket]

DM thats good, and so do i, but sometimes for example emergencies happen and one has to spend more money one month and can't quite do that so decides to pay the interest only (the minimum requirement) and it starts from there, once a person gives in to lull of paying the minimum (which is what the credit card company wants) it becomes easier and easier and ironically harder and harder to catch up.

2 things.

We weren't discussing emergencies, people don't spend more money on emergencies if they don't have to. It's not like "Oh, I think I'll break my leg today and go in for an expensive operation since I have all this credit to spare."

Even if one doesn't have insurance and puts it on their credit, if they were already paying off their bill in full, or way over the minimum they're probably intelligent enough to continue paying over the minimum or adjusting their budget to allow for larger payments.

You are defending the idiots that buy a house way out of their league, a car too expensive to own, pop out way too many babies, and eat out too frequently, and end up wondering why they can't keep up with their measly monthly payments. No credit card is that hard to keep track of, it comes down to personal responsibility. There are multiple ways of checking your balance, but people can be too lazy to bother. That is not the credit card companies' fault.

[starbuck]

People who can't keep track of their credit card bills or don't read the fine print when applying for a credit card, shouldn't get one in the first place.

But even if you don't use a credit card, it helps to have one to build up your credit rating, provided you pay your bill on time. If you have no credit at all, that's also seen as a financial risk by banks and other lending companies.

[ecojeanne]

actually sorry i should have explained emergencies better; what i meant by emergencies is when someone may need to suddenly use the cash they have in their bank for something huge that crops up (literally anything) there is no way to know for sure that one may not need a sudden injection of cash to fix a problem for either them or a family member...who knows?... sometimes people need to delve into their savings and if those savings don't cover the bill for the credit card then paying the minimum becomes neccessary and it can be hard to catch up especially if the credit card put the interest rate up. it happens millions of people. it's not about stupitity rather circumstances

an emergency to me is something unknown all of a sudden...not neccessarily a hospital emergency

[Junket]

actually sorry i should have explained emergencies better; what i meant by emergencies is when someone may need to suddenly use the cash they have in their bank for something huge that crops up (literally anything) there is no way to know for sure that one may not need a sudden injection of cash to fix a problem for either them or a family member...who knows?... sometimes people need to delve into their savings and if those savings don't cover the bill for the credit card then paying the minimum becomes neccessary and it can be hard to catch up especially if the credit card put the interest rate up. it happens millions of people. it's not about stupitity rather circumstances

an emergency to me is something unknown all of a sudden...not neccessarily a hospital emergency

...

Do you seriously believe that this so called financial crisis was caused by millions of people that had a devastating emergency that put them in the hole they had no way of making their way out of?

Eco.

Your argument is so far gone I'm surprised you still try to defend it.

"Well, what if say, their car broke down, and then...their child came down with cancer...and then...their house was destroyed by a tornado...and then they used all their savings, and then all they had was their credit card...and then then their card maxed out, and then they lost their job, and then their interest rate when up...and then their computer broke along with their phone out in the middle of a desert where they couldn't check their balance...see? See?? These credit cards are a trap!"


Tell me Eco, do you have a credit card? Or have you ever taken out a loan?

[ecojeanne]

...

Do you seriously believe that this so called financial crisis was caused by millions of people that had a devastating emergency that put them in the hole they had no way of making their way out of?

Eco.

Your argument is so far gone I'm surprised you still try to defend it.

"Well, what if say, their car broke down, and then...their child came down with cancer...and then...their house was destroyed by a tornado...and then they used all their savings, and then all they had was their credit card...and then then their card maxed out, and then they lost their job, and then their interest rate when up...and then their computer broke along with their phone out in the middle of a desert where they couldn't check their balance...see? See?? These credit cards are a trap!"


Tell me Eco, do you have a credit card? Or have you ever taken out a loan?

actually no i was defending the (so called by you) stupid people...of course its not the cause of the financial crisis, there are way more issues at play there. but i was saying it can be very easy to be trapped by a credit card, that's all i was saying

and yes i do have a credit card and i have a mortgage.

[Junket]

and yes i do have a credit card and i have a mortgage.

And how's that goin' for ya?

Giving you issues, is it?