Question by angelikabertrand64: 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?
Credit Card Consumers
Best answer:
Answer by sanbox69
credit is key - w/o it, there is no economy...we'd be China
Know better? Leave your own answer in the comments!
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{ 38 comments… read them below or add one }
I think people should manage their budget responsibly and not blame others for their failure to do so.
It is Choices that get people into trouble.
I think people should learn how to take care of their own finances. It’s no one’s fault but your own if you are uneducated about them and get into debt.
you are most certainly correct
I would Die!
I dont think they should be banned. Why punish the responsible ones. I am tired of people not taking responsibility for their own actions and wanting the government to hold their hands and punish the companies when things get rough
Look in the mirror sweetie. It’s called self control. No more,no less.
I absolutely agree!!!!
http://www.daveramsey.com
Credit cards don’t get consumers into trouble just like guns don’t kill people. They are tools that you can use responsibly or irresponsibly.
They are somewhat of a necessary evil. We have ONE for emergencies, but pay cash for everything else or do without. We made a real mess of our finances while we were both in college, and are finally months away from being debt free!
As Dave Ramsey says, we are weird! (or about to be!)
Handing out cards on college campuses should be banned. So many kids get those cards and go on a spree thinking they can just pay it back no problem…thats where the fun begins.
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.
that would throw the entire economy into a spiral crash
credit cards are needed in a society that lives there lives off of debt and doesnt care
Never had one – only have a debit card. Agree with you.
Most consumers are idiots. They charge things they can’t afford to pay for. The families cause their own trouble being fiscally irresponsible. WAAHHH – it’s always someone else’s fault!
You can’t blame the credit card companies. I get sent credit cards all the time, but I have the sense to cut them up and throw them away. I know my financial limit and so should everyone else.
I have a credit card and have since I was 15 years old (now 20 years old). I have never spent more money than I actually have and have had no problems paying it off. I always pay off the credit cards fully at the end of each month.
It definitely helped me learn responsibility when I was younger also.
The only people who shouldn’t have credit cards are the ones who don’t realize you have to pay it off at the end of
each month and if you can’t afford it- don’t buy it.
Why should the responsible people be punished because the irresponsible people with no self-control can’t balance their finances correctly?
not so much credit cards ,as it is people who can’t afford them shouldn’t have them ,i don’t use them i use debit card from my bank,,
I don’t see anything wrong with credit cards, but I don’t think they should set limits as high as they do.
It’s not the credit card that get’s people in trouble.
I’ts the way you use the credit card !!!
Guns don’t kill people, people pulling the trigger do.
yes, credit card companies are evil. i recently watched a documentary on this. Kids in college committing suicide over being allowed to get tens of thousands of dollars in debt. it should be criminal the way they push these onto 18 year olds, some of whom think, if they didn’t think i could pay it back, they wouldn’t give me so much credit.
i will never use a credit card again.
I don’t think they should be banned but it’s hard to explain the downfalls of overspending to someone until it’s too late.
I too, fell victim to a credit card, but finally paid it off and will NEVER do it again.
Credit cards don’t get people in to financial trouble, people and their spending habits do. My wife and I have several credit cards, however ALL are completely paid off every month and we earn cash back or other rewards on top of it.
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.
Honestly, aren’t you blaming the wrong people here? Everyone does not to be so greedy and have 8 credit cards because they cannot go without their designer handbags and Abercrombie and Fitch clothing. If you cannot pay it off at the end of the billing cycling, then you should have a credit card, period.
Look at MarD. She is to be commended for being a responsible adult. Kudos to her.
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!!!
Paying minimums is how they fuck you over. They bait the uneducated with it easily and in huge numbers… then cash in on interest rates because of it, but I’m sure you’re aware of this. It’s a perfect example of the those who exploit the stupid for their own greedy endeavors.
I think banks and credit card companies need to be regulated more. They screw people out of billions each year with all the fees they forget to tell you about. Banks for example. I had an issue where I deposited my $2500 paycheck then went xas shopping. They showed my account over drawn despite the same day deposit. So they charge me 36 bucks 6 times a day for 3 days till my paycheck “cleared”. Its from a big company..not a personal check mind you. Outrageous. I am no longer with that bank.
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.
Your in control of your own destiny…
Choose not to be a sucker or live with the consequences…
Get glasses and start reading the fine print before you sign your life away…
What’s really important beyond food, clothing and shelter???
I don’t think its the banks fault. They assume that since the person is 18 and has a job they are capable of managing their own finances. I think parents and schools should do more to educate teens about how to be financially responsible.
ALL money is created through lending.
Business requires it to grow.
While consumer lending with credit cards is a small part, banning it would cause a slowdown.
It’s a tool, and should not be banned. Like a hammer it has its place, but could be used for evil.
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.
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.
Your a slave to high interest rates because you are not finacially reposible!!! Who says you have to only keep making the minimum payment all the time????
CLUE: You do NOT have to borrow large sums of money at high interest rates to get a good credit score! That is one of the worst ways of doing this! It will also mean that if you do get a good score this way, you took the longest way around the pond!
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.
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.