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[Collegekid]

Oh so they can't do that, but they are able to go and rack up a bunch of debt on a credit card? If you can go to the store to buy stuff with a credit card why can't you stop at a library? People know the inherent risk of using a credit card and then when something happens they whine and complain that the credit card companies are evil. When if the credit card companies didn't accept them in the first place they might not have some of the things they have today.

Again, situations change. How do you know what the situation was when the debt was racked up, as opposed to what it is at current.

Credit Card Companies, are inherently evil. They only make money by putting and keeping people in debt. It is their goal to confuse people into making a bad decision so that they can charge said person more.

And no, not all people know the risks of a credit card when they get them. Some are blissfully ignorant kids that have been sheltered by mommy and daddy for 18-20 years and don't think that people will try to work them over.

[spartanfan1]

Again, situations change. How do you know what the situation was when the debt was racked up, as opposed to what it is at current.

Credit Card Companies, are inherently evil. They only make money by putting and keeping people in debt. It is their goal to confuse people into making a bad decision so that they can charge said person more.

And no, not all people know the risks of a credit card when they get them. Some are blissfully ignorant kids that have been sheltered by mommy and daddy for 18-20 years and don't think that people will try to work them over.

Last paragraph shouldn't matter it is their fault regardless for not reading and understanding the terms. Lets see didn't LF say he paid medical, school, and grocery bills with a credit card? maybe without that same credit card he couldn't afford some of those things. If used responsibly they are a great tool. However, way too many people are way too irresponsible with credit cards and that is their fault. So are credit card companies bad when they help people pay bills by fronting the consumer money and then having the consumer paying them back?

[Mike Ingels]

We have bankruptcy laws because of the idea that a person shouldn't be held hostage for the rest of their lives with an impossible debt.

I think that if a person has to pay back more than double the money lent, then something is wrong.  That should be illegal.

[Kingdiamond9]

It's your (and anyones) own fault for allowing yourself to get into that situation.

So you racked up a crap load of credit and you decide not to pay it? 

And you were going to run for a political position? You would have fit right in with all the other crooks.

Everyone uses credit and everyone is paying for it too one way or the other .

 We had a chase credit card that we had for 8 years 2.5% interest rate overnight we got a email alert saying that our rate has been doubled to 5% increasing our payment to double what it was .

We called chase they gave us a letter form answer due to the economy we are increasing everyones minimum payments so we pay faithfully and always over our minimum .

Well end results put  us in a bad situation where i just cut their card up and had to go to their credit program new solutions which pretty much screwed our credit rating but having NEVER missed a payment and have this happen to you is flat out evil and wrong and mr you did this to yourself lets hope you dont get laid off like i did or perhaps you might be the next you tube star.

[the nosh]

bottom line sparty is...if a person racks up whatever amount, the balance on the card should always stay at the rate you did the purchases.

another thing is...if you have a late payment they will not only charge you a late fee but raise your interest too. its one or the other. not both!! they get away with murder then whine about it.

[spartanfan1]

We have bankruptcy laws because of the idea that a person shouldn't be held hostage for the rest of their lives with an impossible debt.

I think that if a person has to pay back more than double the money lent, then something is wrong.  That should be illegal.

I agree no one should be held hostage by debt, but they should also be responsible about their spending habits. I know LF isn't one of these people, but there are people who just go out to all the designer clothing stores and max out their credit card so they have a massive amount of debt because they are not responsible. If they are going to be irresponsible about money then they deserve what they get. I kind of agree with paying back double the money, but it depends on how long you have the balance. If it is longer than 6 years or so at 12% then it should be doubled because the company is losing their chance to invest that money. It should not double in a matter of a year or two I agree with that.

[spartanfan1]

bottom line sparty is...if a person racks up whatever amount, the balance on the card should always stay at the rate you did the purchases.

another thing is...if you have a late payment they will not only charge you a late fee but raise your interest too. its one or the other. not both!! they get away with murder then whine about it.

I do agree with that first statement I know they do it because it is easy to make money, but I do believe that the interest rate should correspond to when the balance happened. They raise the interest rate because they see you as a more risky person. It is similar to the bond market, if you are investing in a very risky company the bond interest will be sky high and if you are investing in a very financially sound company you will get paid a low interest rate. I think they should raise the interest rate a little bit for late payments, but not as much as they currently do. Jumps from 7% to 20% are absolutely crazy, but it is their right since there is no law against it.

[the nosh]

whatever you think...but common sense says it all!

they are crooks.

[spartanfan1]

whatever you think...but common sense says it all!

they are crooks.

I agree they are all crooks and some sort of legislation is needed, but until then they are going to continue with their highly unethical practices. It is basically like they are stealing money from a lot of people, but it is not illegal.

[2bgs]

Credit Card Companies, are inherently evil. They only make money by putting and keeping people in debt. It is their goal to confuse people into making a bad decision so that they can charge said person more.

And no, not all people know the risks of a credit card when they get them. Some are blissfully ignorant kids that have been sheltered by mommy and daddy for 18-20 years and don't think that people will try to work them over.

Your statement has very little merit. Credit card companies are in business to lend money, or credit, so that you can purchase items you otherwise could not buy. They have a responsibility to their employees and their stockholders to make a profit. That is not evil, that is business. They do not put people in debt. People put themselves in debt. If the users of the credit cards do not understand the terms of the agreement, then they should not have applied for a card. Their arm was not twisted to sign up, nor was a gun held to their head to use the card in the first place.
If someone is 18-20 years old and has the ability to receive credit, then they also have the responsibility to read and understand the user agreement. The credit card companies are living up to their end of the agreement by issuing credit, and the card holders should live up to their end of the agreement by paying back the debt. Using the excuse that they were sheltered by their mommy their whole life so they shouldn't have to pay back the debt is ridiculous.

[Frenchfry]

Your statement has very little merit. Credit card companies are in business to lend money, or credit, so that you can purchase items you otherwise could not buy. They have a responsibility to their employees and their stockholders to make a profit. That is not evil, that is business. They do not put people in debt. People put themselves in debt. If the users of the credit cards do not understand the terms of the agreement, then they should not have applied for a card. Their arm was not twisted to sign up, nor was a gun held to their head to use the card in the first place.
If someone is 18-20 years old and has the ability to receive credit, then they also have the responsibility to read and understand the user agreement. The credit card companies are living up to their end of the agreement by issuing credit, and the card holders should live up to their end of the agreement by paying back the debt. Using the excuse that they were sheltered by their mommy their whole life so they shouldn't have to pay back the debt is ridiculous.

I personally think that crack was meant for one of the naive sheltered kids that continually argues in favor of the banks but it's not inconceivable that someone would accept one of those credit card offers (that used to pollute society) while not considering that the terms can and will change.

And it's also possible that a situation could arise that would be very similar to having that arm twisted or a gun to the head.

Another related complaint about banks in general.....they act like they're doing everybody a favor by covering debits posted to accounts that don't have enough funds.

A penny short will cost between $25 and $45, depending on the bank......and each debit after that will rack up more of those charges....plus after four days they'll add $4 a day.....the kicker is that they take their time notifying you of the problem.

Both of my kids were stung by that shady practice...one used his debit card to buy a quarter pounder when his check hadn't cleared yet....the bank takes a day before the pending label is removed....even if it's a transfer from one account to another.....at the same bank branch!

The debit card should have been declined for non-sufficient funds but the banks won't allow anyone to opt out.....they're raking in the cash from that racket.

I've heard stories about several checks arriving at the same time.....one large one and several smaller ones......the bank always processes the large one first so the smaller ones will generate more penalty fees for the bank.

[spartanfan1]

I personally think that crack was meant for one of the naive sheltered kids that continually argues in favor of the banks but it's not inconceivable that someone would accept one of those credit card offers (that used to pollute society) while not considering that the terms can and will change.

And it's also possible that a situation could arise that would be very similar to having that arm twisted or a gun to the head.

Another related complaint about banks in general.....they act like they're doing everybody a favor by covering debits posted to accounts that don't have enough funds.

A penny short will cost between $25 and $45, depending on the bank......and each debit after that will rack up more of those charges....plus after four days they'll add $4 a day.....the kicker is that they take their time notifying you of the problem.

Both of my kids were stung by that shady practice...one used his debit card to buy a quarter pounder when his check hadn't cleared yet....the bank takes a day before the pending label is removed....even if it's a transfer from one account to another.....at the same bank branch!

The debit card should have been declined for non-sufficient funds but the banks won't allow anyone to opt out.....they're raking in the cash from that racket.

I've heard stories about several checks arriving at the same time.....one large one and several smaller ones......the bank always processes the large one first so the smaller ones will generate more penalty fees for the bank.

That is clearly their fault still. If they enter into a contract without reading and understanding all the terms then it is their fault. When I got my debit card the bank took me into a room to setup the account and I made sure I understood everything and that they explained everything and I have never had a charge against me besides using a different banks ATM.

It is also your kids fault that it happened they should be aware of how much is in their account and whether it is pending or not. I always make sure to know how much is in my account, and if there is a chance that I might be hit by overdraft fees then I do not buy the product at that time. It is all about responsibility.

[SidecarFlip]

Didn't read the thread so I might be off base but, it's my contention that people should be respnosible for their actions both financially and personally.

We appear to be living in a society that shirks responsibility using various excuses.

If you incur a debt, it's your responsibility to pay it, on time and in full and with incurred interest charges if paid over a period of time.

I agree that credit card companies are a bit devious in their charges but you need to read the disclosure statement and if you can't comprehend it, ask someone who can.  CC companies can't just change or levy charges without advance notofication.  Has to do with 'Truth in Lending Laws'.

The 'new' train of thougt in the 'new' society seems to be charge it and then not pay for it.  That's not only irresponsible but criminal and I don't agree with it.

You gotta pay to play plain and simple.  It's about being a responsible adult.

[lordfly]

You gotta pay to play plain and simple.  It's about being a responsible adult.

Sure, but is it right that, after two years of paying down this debt, it actually went up instead of down? Im pretty sure I'm not putting a negative sign on my payment amount.

[2bgs]

Sure, but is it right that, after two years of paying down this debt, it actually went up instead of down? Im pretty sure I'm not putting a negative sign on my payment amount.

I guess that would depend on the amount paid. If the amount paid was not enough to cover the interest, then yes it would be right that the amount went up. Anyone who pays only the minimum amount due will remain in debt for a very long time. Should a payment be late, then they get hit with another fee which adds to the debt and is usually higher than the minimum due.
I agree with SidecarFlip on this one. You must be responsible with spending on a credit card, or any loan for that matter. There are many excuses to be made, but it all comes down to accepting responsibility for one's own actions.