are credit card companies ethical?

Bobby,Your question was "Are credit card companies the same as a loan shark?" Answer,no. Credit card companies are regulated by both state and federal law,loansharks are not.When you sign an agreement or contract with a credit card company,it is a legal document.It will hold up in court,maybe in your favor but most likely in the credit card companies favor.Remember,you signed the application and agree to the terms.I have used loansharks many years ago.There was no legal contract that I signed,just verbal,and the interest rate charged was insane.I always paid the loanshark back and ontime because their penalties were alot worse than just a rate hike or a blemish on my credit report.I know there are alot of hidden fees when getting a card,but check the fine print before signing.I know it's sounds like legal robbery and yes it proably is but it is up to you to shop around for the best terms.Certain states cap interest rates at lower rate for credit.Do some research,Delaware might be better than say New York.Just because you don't live,say in New york,doesn't mean you can't apply for one in a state that has a smaller cap.New york right now for credit cards is 25% max.Loansharks do serve a purpose.People with no credit history,bad credit or no job history might have to use one but a loansharks rules are alot more painfull than just trying to get legal credit.Cut back,stay out of debt,if possible, good luck.

 

You can't outlaw stoopit.

Our jails won't hold our government employees let alone half the country's population.

More seriously, credit isn't really the problem.
It is the improper use of it that gets a lot of people.

Almost every large business entity runs on it.
Almost every government runs on it.
Government gets a pretty good break though.
They get to borrow on #'s of years worth of future income that we cannot.

I'm counting on credit for my retirement.
As we speak, I'm building up credit card limits as high as possible.
When I feel the time is right & that I have enough credit, I'll retire.

I'll start by maxing out all those cards for as much cash & products as I can.
Sell the products I won't need for a cash discount.
Then I'll retire to a nice quiet place where there's palm trees & no one knows me.

Catch me if you can.
I'll pay you $20 a month on each card, no problem...while I'm rebuilding my credit with you.

 

How are you going to pull off paying just the minimum? Do you not realize that the interest compounds daily?

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http://www.latimes.com/business/investing/la-credit-story11,1,180876.story

 

you filing for bankruptcy isn't someone bailing you out?

 

Filing bankruptcy is not a way to get bailed out. You still have to settle your debt on agreed terms. Then your credit history reflects the BK. Try to buy a house with a recent BK and you'll understand why Bk is the last resort for honest, hard working people like Brick.