toucansam456 asked:
How many of these so-called sales are really being done with credit cards? How much of it is paid back? Why are credit card companies allowed to just hand these things out with limits in the tens of thousands? It’s sick!
I can’t believe credit cards haven’t sunk this country yet. It’s a shameless industry that needs regulating!
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they determine credit limits based on credit scoresa and credit history. You dont HAVE to accept it nor do you HAVE to spend your limit.
A couple months ago, I noticed it was reported that the average family had over $21,000 in debt, much of which was credit card debt. So yes, I’d say it’s a huge problem. Our commodity fetishism has been supported these last few years by borrowing, and I think that’s potentially dangerous.
Of course the credit card industry needs to be regulated. That will come after the current credit crisis reaches its peak. Banks are nervous because the default rate is climbing.
I agree completely… just because some sweet talking bank person tells you you can have a certain amount of credit doesn’t mean you SHOULD.
Buying everything with credit cards is like saying.. no I don’t want to pay 10$ for that I wanna pay 15$
It is the next bubble to burst.
Both our government and our people are BROKE!
If it was only one or the other we could survive this problem…but it is both. We will soon probably have our T-bills “derated”.
We’re already in the midst of the crisis, it’s just being downplayed and overshadowed by all of the other crises that we’re contending with that why the laws governing credit scores are being changed every minute. We’ve based much of our economy on the fact that people are in debt – you can’t get a credit card with no credit history which means that you’ve already gone into debt whether you’ve paid it off or not. My mom was telling me that when she was growing up, the only people who used credit cards were people who couldn’t afford to pay cash and it was looked down upon. My how things have changed.