Who should be permitted to have a credit card?

[Mike 03]

Poll question: Who should be permitted to have a credit card?

Is the the bank's fault if people are unable to responsibly handle credit cards?

[closeupready]

1. It's the bank's fault if irresponsible people are lent more credit than they can handle

That's why they are supposed to be checking your credit - whether or not you can handle it. Don't go crying to the government, tin cup in hand, when defaults go through the roof.

[DJ13]

4. & people who can handle their credit @ 10% can easily default @ 30%

Believe it or not but the credit card companies WANT many customers to default and file bankruptcy.

Remember how the news told us that one of the reasons the bond holders were pushing Chrysler into bankruptcy was because they would get more money from the default insurance than they would make in a settlement?

Well the CC industry uses that same kind of default insurance on the bonds that insure every credit account.

They WANT to force consumers into defaulting on their CC accounts, and hiking rates to loan shark levels is one of the ways they are using to accomplish the financial ruination of their own customers just to make more money.

[stray cat]

2. What do you do with a spouse who runs up $7000 on credit cards he promises not to use

He doesn' t pay any household expenses and only works part time because he doesn't like any of the full time jobs. Also, this is the second time in two years he has done it. He says he doesn't have a problem because clearly he is credit worthy - the credit card company keeps upping his credit line.

Not my spouse - thankfully - but you can't currently stop someone from running up credit card balances on toys.

[Cant trust em]

15. Divorce?

[donco6]

16. D-I-V-O-R-C-E

It spells "financial freedom."

[CTyankee]

3. If everybody put together a "spending plan" to logically look at what they are paying in cc interest

rates, there would be a dramatic decrease in cc spending, IMO.

I know that some people cannot avoid using credit cards for emergency use such as health care. I exempt them from this post because they have enough to deal with.

But I didn't. I created a budget before we bought our house. It was simple and hand done: money in, money out. When I found out that I was spending money on basically NOTHING, just interest on my cc, I said "that's it." I have paid off my cc's (I have only 2 and both give me something back) every month for 18 years. I have saved probably a few thousand dollars doing so. But of course I was employed at the time so I could do what I know some people now cannot do.

Please folks, just create a "spending plan" or "budget" or whatever you want to call it. It will open your eyes! You will see opportunities to save!

Believe me, you WILL get a lot out of it...

[Cant trust em]

21. My guess is that the percentage of people who have CC debt due to emergencies...

is a pretty small part of the problem. Maybe there could be an interest rate exemption for essential things like health care. Credit cards already itemize based on category. This wouldn't be too hard to pull off.

[Skink]

5. I got all my cards years ago when rental costs electricty etc were affordable.

Since that time basic living needs have increased dramatically and wages have not kept pace.

[CTyankee]

27. I found myself at that crossroads when I retired. Having a budget gives you an idea of exactly

where your expenses are on a monthly basis. I decided to look at everything, then I systematically went thru item by item, calling my auto insurance company for a better deal, calling my phone/internet access provider to ask for a better deal, I even refinanced my mortgage. I looked at what I was spending on coloring my hair and stopped it since I realized the only reason I colored my hair was to look younger in the workforce and since I was retired who cares? I switched my exercise options, dropping my expensive gym plus pool for just a local weights/treadmills type of place. I even scrutinized better ways to save money on gas by planning out my car needs more efficiently.

This is why having a written budget is so important, whether you do it manually as I did or with a Quicken type of computer program. It's all there in black and white and it lets you plan more effectively...

[cboy4]

6. This poll question makes no sense....Why would someone

theoretically need/desire a credit card if you have the cash to pay off your balance every thirty days?

Wouldn't you just use a debit card instead?

[Cant trust em]

17. It builds credit for when you want to buy something that needs credit

Car, house, personal loan, etc.

[cboy4]

19. Yea, it was a rhetorical question .. See post #8

[Cant trust em]

22. :thumbsup:

[Demobrat]

23. Reward points like airline miles.

Some people like to collect them.

[LiberalFighter]

7. Who should not have credit cards?

[konnichi wa]

8. Uh, the answer choices have nothing to do with the question.

:shrug: :silly:

[QueenOfCalifornia]

14. That was my

immediate thought.

WTF?

[TankLV]

9. By the banks' defenition: Only those that DON'T need it...

[OKNancy]

10. The borrower is responsible, HOWEVER

Shit Happens.

Many people get in trouble because of crap happening in their lives.

[MercutioATC]

11. The responsibility lies with the borrower.

Assuming that the bank honors its contractual obligations, the borrower must do the same.

If they fail to do so, it's their fault.

[RUMMYisFROSTED]

12. In the alternative: "Who Should Be Allowed To Pay The Vigorish?"

Other.

[sandnsea]

13. Only people who will never lose their income

About as stupid an answer as the question.

[qazplm]

18. no

the banks are facilitators and thus do bear some responsibility and for certain groups like young kids at college for example whom the cc companies specifically target and who have no experience they bear even more, but there is certainly some personal responsibility for spending more than you have.

[bemildred]

20. Anybody the banks will lend to.

And the banks should go BANK-rupt if they fuck it up. That is their job.

[mike_c]

24. other....

I cut the damn things up years ago and live within my means. Happily.

[firedupdem]

25. Let's not forget that some people handled everything responsibly

until they lost their jobs. Loss of income is directly related to some of the problems we're seeing today.

[scarletwoman]

26. Other -- I refuse to own a credit card. If I want something, I save up for it.

It is my personal act of non-cooperation with Corporate America. I will not feed the beast that enslaves us. I don't understand why so many supposed "progressives" willingly participate in a system that ultimately strengthens the Oligarchy.

sw

[H2O Man]

28. Other.

Never had one, never will.

[slinkerwink]

29. just businesses.