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why do we allow these credit companies to do this....
Because "we" - by which I mean you - are of weak character and prefer to blame others rather than manning up and taking responsibility for our own choices.
If you spend like a drunken sailor and run up your debt, that's your fault alone and you deserve what comes to you.
Don't buy what you can't afford to pay off that month.
The only exceptions I make to this rule are home, education, and cars. And I still research those decisions long and hard and in the case of homes and cars, borrow much much less than the bank will qualify me for.
credit card companies do not enable us. People should be responsible for their own actions. Let those people who are responsible enough to use credit cards and pay their balance off enjoy the benefits of a credit card.
I don't even know what is going on in this thread.
Yup, that pretty much describes most of the OP's posts. I either don't understand the sentence structure, or I don't understand the point being made.
I can't imagine not paying a CC balance in full at the end of each month, unless it were truly extenuating circumstances. I guess I got good direction (i.e. warning) from my parents, because I didn't even start using one until I was done with college and had a decent job - I only used debit cards up until then and always knew my balance.
I'd be interested in hearing from anyone who only paid (pays?) the minimum balance and what decision making led them to that course of action. Lack of information? Bad understanding of interest? No self-control?
CC's are great for me since I get 1% back unlike my debit card, and all the transactions don't clog up my checking account statements - I can view them on a separate sheet of paper. But other than those reasons, it's like a debit card to me. (I do feel a little bad that the 1% money is coming from people using CC's irresponsibly)
Don't buy what you can't afford to pay off that month.
The only exceptions I make to this rule are home, education, and cars. And I still research those decisions long and hard and in the case of homes and cars, borrow much much less than the bank will qualify me for.
Learn the difference between wants and needs.
What if you're living on a poverty level income and you're not buying stuff but you can't afford your rent?
Because "we" - by which I mean you - are of weak character and prefer to blame others rather than manning up and taking responsibility for our own choices.
If you spend like a drunken sailor and run up your debt, that's your fault alone and you deserve what comes to you.
Government says sleeping in a tent in my friend's back yard is not a lawful option.
Shouldn't I have that choice if that's what it takes to live within my means?
I'm sorry, don't you know how to say no?
I'm very old. I own one credit card. I use it a regularly and pay it off every month.
My limit is $3k. I need no more, in fact, I don't need that.
You choose to live beyond your means, it's all about choices.
credit card debt is stupid. If you use CC's there is no one to blame but yourself. FICO scores are just a measure of how badly you handle money.
So if you have a minimum wage job and good FICO, then you end up in hospital and are unable to work for a year, you suddently went from handling money okay to handling money poorly?
I agree, there are some serious problems with the culture of spending in America, the entire economy has failed because of the mortgage problem and the people over-leveraging undervalued property.
How is property undervalued? Last I looked, in all but two of the 50 largest U.S. housing markets, it's cheaper to own than to rent.
This means that renters are paying an arm and a leg for the inability to buy a home, that homeowners should be grateful they own and not rent, and that home values SHOULD be higher than they are.
Why are homeowners so cheap?
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