Are the New Credit Card Rules Really Going to Help Card Holders?
Michael Affleck asked:
For quite a number of years now many have come to depend on their credit cards to help them get through tough times and to help them purchase the things that they want that they likely can not really afford to buy. Yet people all over the world have plunged themselves head over heels into debt using these cards like they were totally unaware that financial stability was put more and more in jeopardy the further in debt they went. Usually even when they were late on some payments and their interest rates would go up and they were sometimes only able to make heir minimum payments, if they had any credit on a card left, they would use it.
Maxing out credit cards and then being unable to keep up with the climbing interest rates is what has ruined so many people. You would think that by now people would have learned that if you can do without a credit card that it is the smart thing to do. Even with the way the interest rates have been manipulated by card companies so openly, people still fill out the credit card forms and send them in gladly when they get new offers in the mail.
Finally, some new rules have been set down by congress concerning some of the very questionable practices of credit card companies, but will it really be enough to curtail the way they do business? It is not likely that the new rules that have been put in place will really have that much affect on the companies themselves because so many card holders owe them so much money already. Even as new card holders come along, there are still plenty of ways for the card companies to take as much advantage as they can of credit hungry consumers.
Will people ever realize that it might not be worth the price that has to be repaid just to be able to buy things with credit cards? Most of the purchases that people make with their credit cards are things like dinners out, fuel for their cars or to make a payment on some smaller bill when they are already running short. Perhaps they are used by more wealthy people for things like vacations and such, but the average person does not make extravagant purchases with their cards. However, after all of the interest is applied to those small purchases that are not paid off every month, they turn into extravagant purchases anyway.
It would likely be so much better if people could learn to budget the money they have and only use that to get by on from week to week. Save your credit for the really important things and then get it from a better place than a credit card company. Many have learned to use a debit card n the same way that they used to use a credit card. The only difference is that you have to already have the money in your account to use it. There is no debt to pay and not interest to mount up over time. It is a much smarter way to live than on credit that you really can not afford.
Kathryn
For quite a number of years now many have come to depend on their credit cards to help them get through tough times and to help them purchase the things that they want that they likely can not really afford to buy. Yet people all over the world have plunged themselves head over heels into debt using these cards like they were totally unaware that financial stability was put more and more in jeopardy the further in debt they went. Usually even when they were late on some payments and their interest rates would go up and they were sometimes only able to make heir minimum payments, if they had any credit on a card left, they would use it.
Maxing out credit cards and then being unable to keep up with the climbing interest rates is what has ruined so many people. You would think that by now people would have learned that if you can do without a credit card that it is the smart thing to do. Even with the way the interest rates have been manipulated by card companies so openly, people still fill out the credit card forms and send them in gladly when they get new offers in the mail.
Finally, some new rules have been set down by congress concerning some of the very questionable practices of credit card companies, but will it really be enough to curtail the way they do business? It is not likely that the new rules that have been put in place will really have that much affect on the companies themselves because so many card holders owe them so much money already. Even as new card holders come along, there are still plenty of ways for the card companies to take as much advantage as they can of credit hungry consumers.
Will people ever realize that it might not be worth the price that has to be repaid just to be able to buy things with credit cards? Most of the purchases that people make with their credit cards are things like dinners out, fuel for their cars or to make a payment on some smaller bill when they are already running short. Perhaps they are used by more wealthy people for things like vacations and such, but the average person does not make extravagant purchases with their cards. However, after all of the interest is applied to those small purchases that are not paid off every month, they turn into extravagant purchases anyway.
It would likely be so much better if people could learn to budget the money they have and only use that to get by on from week to week. Save your credit for the really important things and then get it from a better place than a credit card company. Many have learned to use a debit card n the same way that they used to use a credit card. The only difference is that you have to already have the money in your account to use it. There is no debt to pay and not interest to mount up over time. It is a much smarter way to live than on credit that you really can not afford.
Kathryn
