It’s different nowadays. It’s very hard to function without a card. I do all my buying on the internet and my income is no where near those parameters.
There are other commensense ways for cc companies to function well.
My biggie is that the monthly payment should be a much higher percentage. If you are paying $37 a month on a $1000 balance, you can easily get out of control without realizing what happened. By the time you can’t pay your minimus, you are in such debt you can’t pay it off.
Unfortunately we had an experiment with consumer credit card society for 30 years. Borrowing just kept increasing as a percentage of a consumers annual salary. It makes our society very fragile financially when an unexpected crisis hits our economic system. How do you think we ended up as a paycheck to paycheck society? Easy credit fostered by banks willing to give even college students who do not have a job a credit card so they can get his family in debt and on the hook to bail the kid out!!! Bottom line is banks became pseudo loan sharks and even worst our society has demonstrated on average unable to handle easy credit. Part of governing is learning from diseasters and experience. Givened the data, I say limit credit cards to people who have a good credit history and have a good salary to back their balances.
I forgot to add. I buy precious metals via internet. They accept credit cards as well as personal checks. Checks will take up to 10 business days to clear, but you will eventually get the item ordered on the internet. Many vendors who accept credit cards will need to add this pay option to their sites. It also means the buyer must have the money in the account (savings) to pay for the ordered item. The internet and economy will not grind to a halt because less people have credit cards. It will not be as robust as it was in the past, but the economy of the past is based on an illusion of debt that collapses instantly into a nightmare in the first financial crisis. That type of economy is not worth it.