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.