Financial Challenges Support Group

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Credit card companies

> \"BerryE\'s story: I am really tired of seeing people live a life of debt and stress and worry. Credit card companies make me angry! They are ripping people off but we are letting them.\"

Above Berry E writes that credit card companies are \'ripping people off\', I would like to politely disagree. The key words are \"we are letting them\". Why blame the company when they are in business to make money? It\'s people who foolishly use the cards that are to blame. And more importantly it\'s our education system for not teaching people to be wise consumers. Perhaps there are some, very few people who want to say they have some sort of addiction and use that to blame companies but I think people should be able to control what they do and know and understand that if they don\'t have enough money to cover their debts then they can\'t buy more STUFF.

I would like to know why people want to blame business for doing what they are intended to do, they provide a service for those of us who want to use it responsibly. The more restrictions (the government) put on business the more the consumer eventually pays.

Replies

deleted_user
deleted_user

Trust me, I understand the difference between undue regulation (whose end is Socialism) and ripping people off.

I owned an office supply store for four years (just sole it). I know the basic idea of someone agreeing to something and getting it in return. If I want to charge high prices thats my business.

BUT CREDIT CARD COMPANIES ARE RIPPING PEOPLE OFF! I did not say they were a scam or should be illegal. But I am tired of seeing people taken. (For example, it is not the fact that people over use their cards that makes me mad, it\'s the constantly changing terms.)

Here are a few examples of what they do:
1. Agree to give a rebate, then lower the amount of the rebate at any time.
2. Agree to a certain interest rate, then raise it anytime they want to for any reason they want to.
3. Sell people services (like credit protection services- in itself ok) and then making those services hard to use= NOT OK.

Credit cards used in the right way and with extreme caution are fine= I use two and pay them off every month. Sometimes my balance at the end of the month is five thousand dollars or more-- it is hard to write that check but I know it\'s what needs to be done!

So, I understand your point but we have to stop letting these megacorps off the hook for the way they treat consumers.
DJH
DJH

i think regardless of whether you pin the blame on the credit card company or the consumer, the end result is the same:

***you MUST pay off your credit cards at the end of a month.***

if you can\'t to pay it off, then you shouldn\'t be buying the item in the first place.

living in debt is never a good thing, regardless of how much money you have.
deleted_user
deleted_user

> Trust me, I understand the difference
> between undue regulation (whose end is
> Socialism) and ripping people off.

Yes, I can see that you understand. But then....

> BUT CREDIT CARD COMPANIES ARE RIPPING PEOPLE
> OFF!

Why do you say they are doing that?
\'Big\' business is important. They provide jobs, if they were \'ripping people off\' we have enough regulations from the government to prevent that. LOL, we are already a socialist state. We really need less government regulations and more individual responsibility.

> we have to stop letting these megacorps off the
> hook for the way they treat consumers.

When someone starts mentioning \'megacorps\' as if that\'s a dirty word, that sounds to me un-American. Supply and demand, business, companies, that\'s what capitalism is all about. When someone says business is taking advantage of people that sounds like one thinks people are stupid and can\'t take care of themselves. We have choices. If a company changes the \'rules\' in the middle of the game, go somewhere else. That\'s the way to show business you are not happy. If enough people shop elsewhere, the business will change or not be in business. I hate Bank of America, once, many, many years ago they wanted to charge me fifty cents for me to withdraw my own money. I did not pay the charge, but when I was able to take out ALL my money without paying, I did and have never done business with them again. Certainly there are many credit card companies to choose from. I\'ve used the same one for years, get cash back and have never known them to change the rules. I do pay what I owe, when I owe it. Too bad others can\'t learn to save, be economical, and not live above their means. That\'s not the credit card companies fault.
deleted_user
deleted_user

Okay, NormLNorma. Do you work for or own a credit card company b/c it sure sounds like you have some interest there. I was married and had my debt completely under control. When my husband had an affair, I received what's called "justice" in the PA court system and walked away with nothing but my student loans and unsecured debt that we accrued as a married couple. So while my circumstance may be somewhat unusual(though I doubt it) I can speak on behalf of the "irresponsible consumer...
These people have been paid what I(and when I say I, what I really mean is my ex husband and myself)owe them two times over. The interest that I am being charged is outlandish. This is legalized loan sharking plain and simple. Don't you dare stumble and get behind, because these vultures swoop in with no regard to human hardship. I have been humiliated and degraded by the same creditors who I religiously paid, in full and on time for many many years. While I know I put the plastic to the register, NO ONE deserves to be degraded over money. NO ONE NOT EVER. If I pay 7 percent on my student loans and 6 percent on my morgage and you can buy a car for 0 percent interest... then why is it okay for these corporations to charge 22+ percent? My other beef with these companies is that they have huge marketing campaigns targeted at the youth of America. I can still remember the constant birage of credit apps in my mail box while in school. The average credit score has dropped drastically and you cannot simply blame the consumers, the credit card companies are definitely doing their share. There is a difference between "making money" as you say and usery.
deleted_user
deleted_user

Just wanted to point out that the link doesn't work unless you add an "i" into the word transitional on the URL. Thanks for the tip.
fibrosucks
fibrosucks

I ordered malic acid from them last weekend and received it on Wednesday. I am in PA. Their service is quite fast. They also sent a coupon for money off my next order.