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They do when you don't carry a balance. Your premise is flawed.
Yup exactly. I've gone to Asia twice using my credit points. I don't carry a balance so it was a free trip. I already use my credit card to buy gas/groceries/gym/cellphone/etc so why not get something out of it? Plus my interest on my Cap1 card is less than 7%. That's right less than 7%. It did not go up after the silly CARD act.
The consumers who pay the interest, fees, late charges, etc., who enable you to have a card that costs you nothing, for the benefits you get, points, cash back, etc.
Yes, of course, because I am forcing people to open credit accounts, buy things they can't afford, carry a balance, and pay their bills late. How awful of me.
Seriously, I hope somebody has custodial care of your finances.
Does the Op really think that loans shoudl be free or that raisk does vary with who gets the loan?He eneds to loo at just who ahs the wealth i this country and their obligations as to debt.That is one of teh probelms we see i governamnt now ;they have borrowed us into debt that is goig to mean real problems i the future and bankrupsy isn;t like ersonal as to the effect.That iswhy only fools beleieve governamnt subsidies are free and want more and more.Lie alwasy the OP is free to pay for his own by not borrowing.
The consumers who pay the interest, fees, late charges, etc., who enable you to have a card that costs you nothing, for the benefits you get, points, cash back, etc.
This is considered stealing? They choose to buy things they can't afford so use a loan with no collateral to do so, which has the option to pay off and not incur fees, so they are being stolen from by those who choose to not spend more than they can afford to.
You've watched Robin Hood too many times.
Quote:
Originally Posted by maf763
Seriously, I hope somebody has custodial care of your finances.
The consumers who pay the interest, fees, late charges, etc., who enable you to have a card that costs you nothing, for the benefits you get, points, cash back, etc.
This isn't accurate, the rewards, etc aren't coming from other credit card uses they are coming from the merchant fees charged by businesses to accept credit cards.
Large banks usually don't even keep credit card debt on their balance sheets, they package it up into debt securities and sell it to investors. In fact, I'm thinking of buying some credit card securities soon. That is how you profit from the consumers who pay interest, fees, etc.
I don't understand why credit is a scam.... who in this world is going to lend someone thousands of dollars for free for a long period of time? Who? Schools aren't going to wait on payments... Car dealerships aren't going to wait on payments... I never heard of a homeowner selling their home on 0% interest payments... so why is credit a scam? You mean wait 30 years to buy a home? You mean wait five years to buy a car? You mean wait X number of years before starting an education? Time is money and you are wasting a lot of it... credit is for those who choose not to waste time... but then we have plenty of idiots who never manage credit appropriately... who is to blame for that? The creditors? I think not...
The consumers who pay the interest, fees, late charges, etc., who enable you to have a card that costs you nothing, for the benefits you get, points, cash back, etc.
Interesting philosophy.
So you hold not only the card issuers accountable, but those who game the cards use as well? I can respect that, but at what level do you stop participating in the scam? Do you blacklist retailers who accept Visa and Mastercard as well?
When does one lose complicity in the game? Do I have to move to Botswana and trade in fur in order to purify my social standing? The whole concept of paper money is a scam, too. I'd like to see where someone can live without it.
Might as well make debt a crime and establish debtors prisons again.
The reason they are scams is because the interest adds up BIG TIME over time. If you have any personal finance based debt you are an IDIOT. Yup, that sounds harsh but it is true. You are selfish, impatient and don't understand long term creation of wealth.
The ONLY personal finance debt that can be justified is at 0% interest for the life of the loan (ie. rarely exists) OR consumer debt that you take but ultimately bankrupt the debts away (ie. pay no interest). Then again, doing that would be somewhat unethical/borderline fraud.
Oh and don't give me that talk about how its an, "investment" thats just propaganda the banks spew out to make you justify going into horrendously large amounts of debt that will take you decades to pay back (ie. student loan).
Debt in the first place was designed ONLY for business ventures. If you had a great idea then you could go to the bank, get a loan and potentially bring a great invention/business to market that would have normally have occurred had you not got the loan. If the idea flopped then you just bankrupt the company and get a fresh start.
With personal finance debt, its not like that. Its all about locking people down into monthly payments in order to generate ample streams of interest. I find that people have less than adequate knowledge to understand the long term destruction of interest.
Replace the word scam with risk and you may be on to something.
Buying debt for opportunity elswhere is always risky.
Yes, of course, because I am forcing people to open credit accounts, buy things they can't afford, carry a balance, and pay their bills late. How awful of me.
Seriously, I hope somebody has custodial care of your finances.
Of course, you're not forcing them to. But they do anyway, largely because they are so easily persuaded to, and you are perfectly happy to reap the benefits of the foolishness of others. In your socio-economic view, the best of all worlds is the one where the wise get everything for themselves, at the expense of the foolish. Because the wise deserve that their greed can gather for them, and the foolish deserve to be paupers and beggars.
Luckily, I don't need your hopes or wishes for my wellbeing.
The wise aren't getting everything for themselves, as the foolish are probably the ones with nicer clothes, nicer car, eating out more, etc. since they are willing to use revolving credit to finance their lifestyle. I have trouble pitying that person and believing the wise person who lives within their means "wise get everything for themselves" or steals from the foolish person.
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The whole concept of paper money is a scam, too. I'd like to see where someone can live without it.
