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Yup I would agree. The credit industry does a good job telling people that racking up debt and defaulting is somehow unethical. While entirely forgetting this country was founded on a strong entrepreneurship interest. Which means we have bankruptcy because we want people to be innovative and take risks. If everything goes south, you can just file for bankruptcy and start over. Nothing wrong with that.
Surely you must realize there is a difference in debt from a 46" Plasma, ipods, stainless steel appliances, etc. vs. walking from debt from a failed business.
One was someone simply being irresponsible and the other was someone trying to create something.
Before stores had to deal with bad debt due to bad checks. CC eliminated that problem for them. Even in a cash only system there is the overhead of collecting the cash and transferring it to the bank. Shoplifting also affects the price we pay for goods. It is all part of doing business.
I'd be willing to bet more is stolen from counterfeit credit cards and stolen credit cards then there is from counterfeit money. It takes people years to fix their stolen ID, it they can fix it at all....
I do that too. And when I get my statement I check all my receipts to make sure they are all my charges.
I met someone recently who didn't notice a monthly withdrawal of $40 from her checking account for 10 months. It was one of those trial memberships that she didn't cancel. Any money taken over 60 days was gone.
This person could have checked her checking account every month too, they do send a monthly statement. If they didn't check that they wouldn't have checked the credit card statement either.
I'd be willing to bet more is stolen from counterfeit credit cards and stolen credit cards then there is from counterfeit money.
Good point, and probably true by a factor of 100 at least. The people who carry balances on their card(s) pay for this theft in the form of higher interest rates. The banks don't really care about the theft as long as the customer base is paying for it.
So the Credit Card is the force that makes people act without taking responsibility for their actions?
I don't think so. I don't spend any more on a credit card than I would with cash or funds on hand.
Yes, tragic circumstances can befall anybody. But that doesn't excuse prudent management of their finances.
The bottom line is to not spend what you can't afford to pay back. If that means a little self-restraint and waiting to buy something until you can afford it, so be it. Keep those credit cards paid off every month ....
Good points...but how many people actually are responsible? I'd bet there is more irresponsible spending compared to those who use credit cards responsibly.
Good point, and probably true by a factor of 100 at least. The people who carry balances on their card(s) pay for this theft in the form of higher interest rates. The banks don't really care about the theft as long as the customer base is paying for it.
Not only that but a lot of banks would have gone broke years ago if not for credit cards, it's their highest profit service.
Good points...but how many people actually are responsible? I'd bet there is more irresponsible spending compared to those who use credit cards responsibly.
Are you suggesting that we give credit cards only to responsible people? Cause I have zero problems with credit cards... In fact my cash back is fantastic.... the problem seems to be irresponsible payers being penalized, how about this... if a payer is penalized they would lose all credit card privileges (every single charge, debit, and credit card is revoked) permanently until the debt is paid back + 10000% interest otherwise they are not penalized, meaning they owe ZERO.... there is only a penalty when they want to continue using credit cards, charge cards, etc in which case they would have to pay an absurd amount of money... I wonder if they would complain? Since they owe nothing unless they "want" these privileges back... credit card is privilege, not a right...
Wanna race? I do try to have the cash in hand before the purchase is tallied.
You're on
Many point of sales allow you to swipe your CC or Debit card before that cashier has even finished scanning your order. I'll be headed toward the door while the cashier is still putting your cash in the till.
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