Comments on: Time To Abolish Debt Slavery

The Nation: Credit Card Companies Use Tricks And Traps To Trap Users In Debt

[michellem99-2009]

I don't use credit cards. I would like the companies not use fine print as there are those of us who truly can't see to read the fine print due to poor eye sight. They print it so small that no body could read it let alone understand it. I think they need to make it accessable to doing away with fine print on everything. I feel the cards are too costly so I don't want them. I don't sign anything before it is read. I think the cards are not worth going into debt over. I live with in my means.

[bellal-2009]

Unreal. It makes you want to shut them all down. Drive them out of the country.

[Keypinitreel1]

Credit Card companies = Strong Arm profiteers.

I was burned by countrywide many yrs ago with one of those cards that accrues big bills when you dont even use em. I refused to pay the fees on a card I didnt even use yet.... I ended up accruing interest on the fees while I was haggling with them to take the card back, and stained my credit.

After that... I said never again...and now I just have credit cards to make an occasional online purchase that I usually pay off with cash the next day or as soon as I recieve the Item.


Credit Card debt IS a form of slavery... those things will have you working long after you shouldve retired...paying for goods that have long expired.

[swingalong]

The credit card companies are damaging families and the country. They prey on college kids who they know *** well don't have jobs and trust that mom and dad will pay.
They are a scourge!

George W's anti bancruptcy gift to them shows what a scumbag he is too.

[nothappyatall]

"Get a "debit" card, KEEP a $2500 balance on it" Joisonbear

Debit cards are NOT insured like credit cards are against fraud, loss and bad products, debit cards are like CHECKS and if you lose your money it' pretty much gone so do NOT keep $2,500 in a debit card acct!
I've had many different credit cards over the years and these scare stories like this one of the Navy man must be real RARE because I have never had a problem of any kind with any credit cards.
The fact that he got a card with a measly $250 limit suggests it was one of those shady companies
or the kind you have to send them money to start with $300 to get a card with a limit of $300 to build up your lousy credit history.
Every card I was given had at least $2000 limits initially, and Discover, Providian both came with $5,000 limits, no annual fees and no 'setup" or "program" fees. Household bank came with a $2500 limit.
No annual fee cars are plentiful you just have to find them.
I suspect the navy man's $250 story has a few things left out, like maybe a previous bankruptcy, big debt from student loans, poor payment history and this card was the card of last resort and certainly not typical.

[godi70]

The next week, the young sailor used the credit card for four transactions totaling $84.85.On Dec. 22, 2006, he was assessed a participation fee of $6..................

This kind of credit card are offered in the internet.
I receive 7 or 10 every day.

[i-tack]

Thank you rray52, sage advice except that CC companies cannot continue without making money on the user (2.5% handling fee isn't sufficient return).

Caveat Emptor truly applies to the credit card industry. Teach your children to treat credit cards as a last resort.

As for us adults, one stiff run-in with credit cards should wise one up quickly. Once we have weened ourselves off of credit, the market will rebalance itself and leave the wolves out in the cold.

[jolsonbear]

You do not need a credit card to rent a car, fly or make deposit for anything. Get a "debit" card, KEEP a $2500 balance on it and you can use it for making deposits or reservations for anything that requires a credit card as long as it is issued by MC/Visa/etc. It will take the average consumer about 1/3 of the time to save up the $2500 to put in a savings account with a debit card than to payoff a $2500 balance on a credit card. And when you use it, you can charge yourself interst and watch your balance grow.

[gomanny1]

We need to go BACK to BASICS!
If you don't have the cash, you don't need the product!

[susanhelit]

The case they talk about is obvious abuse, with the sailor - those fees are criminal! But a reputable credit card, with your bank or whatever, are generally good. I think the changes should be in the lines of limits on fees, interest, and clarification of documentation - any fees cannot be in the fine print, they must be presented upfront, along with the rate the card will have after the introductory period.

If the card companies can't charge outrageous amounts, it won't be worth it any longer for them to give credit to people who can't pay it back.