"The only way to get back at credit card companies is to refuse to use their product - we pay cash for everything and have for years - it really is not that hard and we never have to worry about loan shark credit card companies trying to come after our first born child."
Actually, there's really no need to completely stop using credit cards. You just have to pay them off each month. I keep a couple with high limits, for emergencies, and I use them when I must, like in hotels and for rental cars, which demand credit cards since your bill is uncertain until you return the car or check out of the hotel.
I just pay them off the day the bill arrives. The one I use most is from my bank, and I can pay the bill by transferring money online directly to the credit card account. That's the card I normally use. The other one, I use occasionally, just to keep the account active. That one I pay the same day the bill arrives. No balance, no interest. They hate me, but they're not willing to pull the card, since I MIGHT use it sometime and get back into their cycle.
Credit cards are the worst possible way to finance anything. You should never use them to buy anything you can't pay for on presentment of the bill. For large ticket items, like cars, finance through another method.
It's so simple.
I just use our debit card for car rentals and hotels - they just place a hold on a certain portion of your account until you return the car or check out of the hotel - it comes out of our checking account just like giving the person cash - no interest, no late fees, no overlimit fees, if the money isn't in the savings or checking you don't get to rent the car or sleep away from home.
It is not an easy thing to do but it does get easier after awhile. Our kids have learned a really good lesson on saving for things they want and then paying cash for it.
"It's so simple."
yeah, but those predatory lenders put a gun to ma head
and made me sign up for the card. (sarcasm)
this reminds me of the great ATM fee debate.
(there are no free lunches.)
I have a son and a nephew that both fell into the college credit card thing and sadly are still trying to find the light of day.....
believe it or not, I let my son have OUR credit card throught out his college years...he never abused it....but once he was near graduation and out of school....it was just to much of a temptation....
I would agree except for one thing. Several studies in the last decade have demonstrated that people are likely to spend more with plastic than cash. ATM and Check Cards included. One of the best ways to get spending under control is to use cash, where you can not only have to count out what you spend, but you're forced to look at the ever diminishing pile of money with every purchase.
Yea, just use your credit cards sensibly.
It's weird though. The illiterate, uneducated, and lazy alway forget to act sensibly when, like, their 7-year old gets cancer and needs treatment they can't afford.
Then again, if anyone had any concern for banks not exploiting people, well, Kerry would be in the White House and no one would be whining about this bankruptcy "reform."