Why I think something needs to be done

Card board boxes are popular in city's I hear....LOL

 

A few points I'd would like to add in my $.02

• Credit Cards if used properly are a means of leverage in other words, utilizing someone else's money, just don't let it get out of control
• There were so many people who took the sub-prime loans as a means of getting into a property. Many of them especially in So-Cal, were making less than $50K a year total household income. They were just as much to blame as the lenders who pre-qualified them for a loan. The old rule was that you should have mortgage no more than 1/4 then it went to 1/3 of the total gross.
• If you can't afford a house or car, or whatever, don't buy the darn thing. Those of us who saved and pay our bills should not be stuck with someone else's mistake.

 

And with job's getting lost and price of goods going up..
That adds to the mess

 

I don't even have a credit card. My parents(who filed for bankruptcy 2 years ago) got a credit card less than a month after their court date. WTF!!??!! That just strikes me as wrong, ya know?

 

Yeahhh The credit card company's pray on anyone they can... And they do not care..I think it is criminal in what they do..High interest rates above what what it should be,,

 

C'mon.....
You drive a vehicle right? That vehicle is a potential weapon in the wrong hands or a viable means of transport in the right hands.

A credit card is nothing more than a "good faith" loan that two parties agree to the terms in its use. You as the the card holder agree to pay back with interest if you go beyond a set time usually 30 days or no interest if you pay before it's due.
If you choose to go over your limit or just merely go to the limit you agreed to pay it all back with interest. Used wisely, a credit card is a great tool for the consumer and for small businesses to leverage capitol for inventory and equipment that they could not otherwise possess and utilize in the operations of the business to grow capitol. Every business has some debt, but it's the debt to income ratio that must be adequately balanced.
You can negotiate your rates down and you can go to another company who will "buy" your debt and give you a better interest rate as well.

Credit cards are just one "tool" in the shed.
HELOCS and Stated Income Loans are other 'tools" as well.
Used right they will help you become successful.

 

I feel that they should not have the right to extort people like loan sharks...
If we did what the credit card company's do we would be in the clink.


I do agree with you that the cards should be used like a tool though

 

If you get a credit card get it from a reputable bank and read the fine print before signing on the "X".

 

You have a point there but there should not be any fine print..
To me that is plain bad business

 

Do you not sign sub-haul agreements???
Lot of fine print in the docs