http://finance.yahoo.com/banking-budgeting/article/107200/credit-bailout-issuers-slashing-card-balances?mod=bb-creditcards

I gotta be honest... it irks me to no end that our government + now credit card companies are bailing out the people that decided to live way above their means. I am happy for those that were scared to death what they were going to do but as a person that has paid my bills, passed on huge houses I could have had etc it flat out ticks me off how soft our country has become. Covino and Rich from Maxim Radio have a special every Tues (won't give the name) but it is scary how soft we have become as a nation. This is just another example of our society getting the OK to spend way more than it needs to because somebody will be there to clean up their mess!

http://finance.yahoo.com/banking-budgeting/article/107200/credit-bailout-issuers-slashing-card-balances?mod=bb-creditcards

http://finance.yahoo.com/banking-budgeting/article/107200/credit-bailout-issuers-slashing-card-balances?mod=bb-creditcards

I gotta be honest... it irks me to no end that our government + now credit card companies are bailing out the people that decided to live way above their means. I am happy for those that were scared to death what they were going to do but as a person that has paid my bills, passed on huge houses I could have had etc it flat out ticks me off how soft our country has become. Covino and Rich from Maxim Radio have a special every Tues (won't give the name) but it is scary how soft we have become as a nation. This is just another example of our society getting the OK to spend way more than it needs to because somebody will be there to clean up their mess!

http://finance.yahoo.com/banking-budgeting/article/107200/credit-bailout-issuers-slashing-card-balances?mod=bb-creditcards

 

:thumb: People need to realize their spending limits before they go overboard. Granted with the sources we have in this country, which everyone should be thankful for, you can go way over your head in a heartbeat. I do a monthly budget for myself on an Excel spreadsheet that plans all my expenses and revenues I will have for a certain month and make sure I have enough money just in case a situation was to arise. Kind of like a small rainy day packet.

When I graduated from college, I had to get my mother to cosign a very small loan so I could buy a car. I was refused by a few companies for a credit card because I hadn't worked long enough. After working a while, I was finally approved for a card and was good from then on. Like most young folk, I ran it up ONCE. Mom and dad werent going to pay it off, I had to and I did. I learned a lot that way.

 

Credit card companies moved on to give virtually anyone a credit card. "Instant credit" is offered at almost any store you go to.

 

In turn, people abuse credit cards like it is a birthright. I was always taught that credit cards are for "emergencies" only. Simple rule, if you cant pay it off in a month or two, you shouldnt buy it.

 

Credit card companies are in trouble because of a huge amount of greed on both sides. Neither one should be bailed out. Unfortunately, if they arent, as always, people who play by the rules are the ones who clean up the mess.:madman:

http://finance.yahoo.com/banking-budgeting/article/107200/credit-bailout-issuers-slashing-card-balances?mod=bb-creditcards

I gotta be honest... it irks me to no end that our government + now credit card companies are bailing out the people that decided to live way above their means. I am happy for those that were scared to death what they were going to do but as a person that has paid my bills, passed on huge houses I could have had etc it flat out ticks me off how soft our country has become. Covino and Rich from Maxim Radio have a special every Tues (won't give the name) but it is scary how soft we have become as a nation. This is just another example of our society getting the OK to spend way more than it needs to because somebody will be there to clean up their mess!

http://finance.yahoo.com/banking-budgeting/article/107200/credit-bailout-issuers-slashing-card-balances?mod=bb-creditcards

 

When I graduated from college, I had to get my mother to cosign a very small loan so I could buy a car. I was refused by a few companies for a credit card because I hadn't worked long enough. After working a while, I was finally approved for a card and was good from then on. Like most young folk, I ran it up ONCE. Mom and dad werent going to pay it off, I had to and I did. I learned a lot that way.

 

Credit card companies moved on to give virtually anyone a credit card. "Instant credit" is offered at almost any store you go to.

 

In turn, people abuse credit cards like it is a birthright. I was always taught that credit cards are for "emergencies" only. Simple rule, if you cant pay it off in a month or two, you shouldnt buy it.

 

Credit card companies are in trouble because of a huge amount of greed on both sides. Neither one should be bailed out. Unfortunately, if they arent, as always, people who play by the rules are the ones who clean up the mess.:madman:

 

 

:thumb: I agree! To the point I don't want to even think about it , it makes me so mad.:madman::madman::madman:

I agree with what you guys are saying but I dont feel bad for the credit card companies. They give you 6% interest wait for you to be one day late and raise it to 30%.

I agree with what you guys are saying but I dont feel bad for the credit card companies. They give you 6% interest wait for you to be one day late and raise it to 30%.

 

:thumb:, and they hate me because I pay it off monthly. So, I am disliked for being fiscally responsible and for doing things the right way. If you can't afford it don't buy it is what I was taught.

I am pretty much in agreement with everyone here. I own one of those plastic demons myself and try and use it as least as possible.

I have NO sympathy for all of these banks, cerdit card companies that made bad loans in the first place, they have execs. and CEO's that couldn't run a lemonade stand, let alone a company and then expect all of us to bail them out :madman:.(and it is us that are ultimatley paying for theirs and D.C.'s incompetence :irked:)

 

I wonder how far we would all get if we went to D.C. and demanded that President Obama and Congress bail us out? :idunno:

In college I clearly remember a credit card company giving a free t-shirt and a credit card with a $5k limit on it to any kid who would sign their name on the dotted line. It is no wonder our economy is in the pits.

I love my credit card. I get something back for the money that I spend. Credit card companies really do offer an amazing service- interest-free loans. Unfortunately, the only way that they can afford that is by other people being irresponsible and not paying what they owe.

I knew a family a few years back that, knowing they were having financial problems, went on a luxury cruise, bought all kinds of things, and ran their credit cards way up. Then, they declared bankruptcy. Seems like that should be against the law.

I love my credit card. I get something back for the money that I spend. Credit card companies really do offer an amazing service- interest-free loans. Unfortunately, the only way that they can afford that is by other people being irresponsible and not paying what they owe.

 

Define "interest free" loan. I don't want to be a preacher here, and a lot of people believe that his methods are way oversimplified, but people need to heed the advice of Dave Ramsey. You are responsible w/ your card and I'm not preaching at you, I'm venting to the millions of Americans who can't handle their debts.

Define "interest free" loan. I don't want to be a preacher here, and a lot of people believe that his methods are way oversimplified, but people need to heed the advice of Dave Ramsey. You are responsible w/ your card and I'm not preaching at you, I'm venting to the millions of Americans who can't handle their debts.

It's interest-free as long as you pay it on time. But you are right that most people can't handle it.

It's interest-free as long as you pay it on time. But you are right that most people can't handle it.

But here is the problem...what if you charge a few hundred dollars to your card with the intentions of paying it off at the end of the month. But before you can your car breaks down and you have to use that money to fix your car.

I love my credit card. I get something back for the money that I spend. Credit card companies really do offer an amazing service- interest-free loans. Unfortunately, the only way that they can afford that is by other people being irresponsible and not paying what they owe.

 

Ditto. I rarely, extremely rarely, use cash. I use checks pretty much once a month, and that's to pay my mortgage. I get 1% back on everything, and considering that pretty much everything I buy I would've bought anyway, it is very much fine with me. At the end of the month, I pay off my card, and go along my merry little way.

 

I have never, not once, missed a credit card payment. If someone can't commit to that (even if your car breaks down as someone else put in a scenario), then you cannot use this strategy.

But here is the problem...what if you charge a few hundred dollars to your card with the intentions of paying it off at the end of the month. But before you can your car breaks down and you have to use that money to fix your car.

It's not the credit card companies fault- it is the fault of the individual for not staying liquid enough. It is an unfortunate situation, but it's life. And if a car breaking down would prevent you from making your payment on time, then perhaps it doesn't make sense to have a credit card.