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A tiny light at the end of the tunnel for credit card holders
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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A tiny light at the end of the tunnel for credit card holders
Thought that some of you may find this interesting.
Congress tackles credit card reform
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Posted 4/17/08 4:27 PM  |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: A tiny light at the end of the tunnel for credit card holders
That sounds like a good idea.
I think it is interesting that the credit card companies are saying this legislation would make credit more difficult to obtain - I think that is a good thing. Right now it is too easy to get credit, which I think is one of the reasons so many people are drastically in debt.
Banks seem very willing to approve people for more credit/debt than they can really afford.
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| Posted 4/17/08 4:35 PM |
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Re: A tiny light at the end of the tunnel for credit card holders
I think this would be a really good thing, I hope it passes!!
Unfortunately I'm afraid the CC companies will find new fees to charge us.
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| Posted 4/17/08 4:49 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: A tiny light at the end of the tunnel for credit card holders
How is it the credit card company's fault that someone's in debt though if they purchased things they couldn't afford in the first place?
I understand that if someone's just paying the minimums then the interest keeps building faster than they can get out from under, but if the minimum is all they can afford they should not be spending in the first place. Of course there are emergency situations but I think more often than not it's living beyond their means that's at the root of the problem. If people would take responsibility for their own actions we wouldn't have congress perpetuating the "nanny state" where they have to do everything for us because we can't take care of ourselves.
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| Posted 4/17/08 7:18 PM |
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Re: A tiny light at the end of the tunnel for credit card holders
Posted by KLSbear
How is it the credit card company's fault that someone's in debt though if they purchased things they couldn't afford in the first place?
I understand that if someone's just paying the minimums then the interest keeps building faster than they can get out from under, but if the minimum is all they can afford they should not be spending in the first place. Of course there are emergency situations but I think more often than not it's living beyond their means that's at the root of the problem. If people would take responsibility for their own actions we wouldn't have congress perpetuating the "nanny state" where they have to do everything for us because we can't take care of ourselves.
You'd be amazed at the number of people who are in debt due to medical bills, unemployment and/or divorce/ child support issues. Then there are some who truly do not understand how credit and credit cards work, though they try. There are many people who have very high debts and very few material things to show for it. The abuses exist but they are not as common as one would think.
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| Posted 4/17/08 7:46 PM |
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wannabemom
look who's freshly baked!
Member since 12/07 7364 total posts
Name:
aka marriedinportjeff
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Re: A tiny light at the end of the tunnel for credit card holders
Posted by KLSbear
How is it the credit card company's fault that someone's in debt though if they purchased things they couldn't afford in the first place?
I understand that if someone's just paying the minimums then the interest keeps building faster than they can get out from under, but if the minimum is all they can afford they should not be spending in the first place. Of course there are emergency situations but I think more often than not it's living beyond their means that's at the root of the problem. If people would take responsibility for their own actions we wouldn't have congress perpetuating the "nanny state" where they have to do everything for us because we can't take care of ourselves.
it's partly their fault becuase they give tons of credit to people without a proper income level or responsible track record. It's also their fault becuase they're so free and loose with new credit card offers....
IMO, people who earn less than 50k shouldn't be able to have over 100k in unsecured credit....
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| Posted 4/17/08 8:44 PM |
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