Posted on 05/28/2009 9:10:17 AM PDT by library user
Guess again.
“So, if you don’t like it, don’t sign the contract.”
Well, when you grow up and are old enough to actually get a credit card you’ll understand what an ignorant and asinine answer that was.
No, it wasn’t.
But it was just a typo.
I appreciate your post.
There is plenty of blame to go around with the credit mess. I do agree that individuals do need to be responsible with their money, and not run up bills that they can’t pay. And I also agree with your point, that the credit card issuers have not behaved responsibily, have issued too many cards, played too fast and loose with interest rates and excessive fees.
I also agree with you that it is not a good business model to anger such a large portion of the businesses’ own customers.
Jeannine
You and I both. I think that in a perfect world, his advice would be right on the mark, but the way credit actually works, I'm not so sure.
Thanks bud. Have a good one...
This is much more appropriate:
Milton Friedman on greed
http://www.youtube.com/watch?v=RWsx1X8PV_A
Water the grass more than average? The city can "up" the water rate for up to two years...
Late getting home for the appointment with the plumber? All contractors must charge an extra "fee" for up to a year...
And grocery stores? If a banker buys less milk than average - and causes over-stocking costs - all his food for 24 months will carry a 5% surcharge...
Are there such things? I'd never heard of that one. Surely not even a banker would be so...so...so audacious!
words matter. manslaughter is not murder. self interest is not greed.
The obvious solution is NOT to make the minimum payment. Pay 15% of your balance - not 2%...
Credit cards companies do take advantage of those who "can't wait" for things - but so does everyone. It's the nature of the system.
You want it "right now" it'll cost more.
:)
Well it depends on whose wealth your are referring to. If I want to keep all the wealth I earn, it's self-interest. If you think I have too much, it's greed. Greed is just a derogatory term for people who don't share their wealth.
Excellent post. Thanks.
Greed is a bit more than that, FRiend. It's contrary to the natural law. It's a moral vice. In other words, it's social cancer.
IF that’s your idea of “fun...” you probably are a banker at heart. ;)
How do bank failures affect credit ratings for the credit rating companies?
How about credit ratings for banks and credit card companies based on exactly the same criteria for debtors?
And you are still just as dead.
If the credit card companies want my money they will treat me as an asset, as long as I pay on time and do not default, not as a "sucker".
I will drop a particular card like a hot potato if they mistreat me.
I've done it before.
There are other fish in the sea.
I have several credit cards thank you very much. And I don’t use them until I know I’ll be able to pay off the full balance at the end of the month, so I frankly don’t care what the interest rate is, I’m using them to get float on my money.
And there is a contract that you sign when you apply for a credit card, which basically states they can raise the rates at any time. But we all know that nobody reads it. That’s what they count on. But whose fault is that? Who puts a gun to your head and forces you to take their credit card?
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