tag:blogger.com,1999:blog-26277603.post-44481598033032692222007-06-14T19:02:00.000-05:002007-06-14T19:02:00.000-05:00Everyone, I apologize for the length of the post, which is why I separated each person’s post so they can skip the rest if they choose. Too many people give credit card companies too much money. Some people are very responsible, but the amount of profit they bring in shows that the majority of people are not. Nobody mentioned the losses of money and time and stress when a person steals credit card information (easy to later use on the internet) or gets a card through the myriad of offers in peoples mail boxes. The only reasonable argument made for the use of credit cards is the rewards. Where were these rewards when I use to use a credit card? Oh yeah, they started popping up a few years back in an effort to get more people to use them; right before the time that all of the debt help companies started coming about.<BR/><BR/>James, I'd have to say that you forgot to add that when paying with cash you receive one less bill. Stress caused by bills is big-time. <BR/><BR/>Miel, I agree that auto pay does help to keep the fees away (it’s the only way to go for a credit card user) and that using your credit card does improve your credit score, but being a homeowner and a pay as you go kind of guy, I don’t need to worry about the score too much. My score was fine enough to buy a house with a low interest rate. A good credit score can be had without a credit card. Besides, as the amount of offers that I receive for personal loans and credit cards, and the number of people going through foreclosure these days, credit score doesn’t mean a thing when it comes to purchasing power. As to your second point, the rewards are a “positive feedback” for using the card. People like positive feedback and will spend more than normal to receive it. Thus, credit cards may get you perks, but you spend more to get them (basic concept of a slot machine). CC companies may billions off of people simply because they do not follow your third point. They have check cards with perks? I like that. Course it puts your major argument down. Why use a cc when you can get the perks without the risk, unless those hidden fees come in. I disagree with the credit card use, but I certainly agree with your ideas for responsibility. <BR/><BR/>Richard, there’s a difference between a credit score and a credit report. Paying a credit card bill never showed up on my credit report either. Good strong rebuttal though. Pointing out the problems with credit cards is not bashing people, unless you work for a cc company.<BR/><BR/>Mase, in order for you to have lowered your interest rate on you credit card repeatedly, you would have had to have incurred an increase in your interest rate repeatedly. Sounds as if you don’t use your cc wisely or the cc company has screwed you. Also, you only receive enough perks to outweigh the fees if you SPEND the money. You can reserve with a debit card as well, and the protections are still there. $90 annual fee!!!! I didn’t know they went that high. I hope that you take Miel’s advice and call them to try to get the fee waived.<BR/><BR/>Diora, “Learn from other people’s mistakes.” I know it’s a cliché, but it is relevant to your opening comments. People who have been there and come back from it have valuable advice to give. Many of the most powerful public speakers are peers who have made the mistakes and don’t want to see others continue down the wrong path. Get off your high horse about taking advice from others. They may have some wisdom to share.<BR/>In your rebuttal to James you weren’t sure that you were attacking? You implied that the people who have carried a credit card balance have nothing of value to say. I haven’t carried a balance for many years, but I know that people who do are not necessarily stupid. Does experience cloud judgment? I thought that experience made one wiser. Your experience makes you feel confident that you will not have a problem. It has clouded yours, because the majority of Americans do carry a balance.<BR/><BR/>DC, All credit card companies make money, not just the low end ones. How do the most reputable ones make money? They use the same tactics as the others.<BR/><BR/>Philskaren, Good strong argument. Shouldn’t need a high limit though. <BR/><BR/>Anonymous, Just because a person does not like ccs does not make them finance challenged. Does James get charged fees when he uses cash? MVPs post didn’t make her sound angry; please refer to James post about ad hominem. Don’t believe her comments could hurt anyone. Maybe her comments could actually help a person to avoid hurting themselves. Financial issues are one of the biggest causes of divorce in our country. It does actually cause many people physical and mental stress. You just sounded like an idiot in your comment (sorry, my ad hominem). Nobody is blaming others. You must be a single person with no children, because when you mess up with your cc, others are affected. I’m not a fan of credit card companies because I know that millions of people get screwed by the hidden fees and changes in interest. I have not held a balance on a credit card in many years; I guess that means that not only the people who have messed up don’t like the cc companies.<BR/><BR/>Garygarynoreply@blogger.com