View Poll Results: Should illegal loan sharking percentages be lowered

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  • yes

    15 71.43%
  • no

    5 23.81%
  • maybe

    1 4.76%
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Thread: Credit Cards

  1. #21
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    Re: Credit Cards

    Quote Originally Posted by Jerry View Post
    How about we just don't evernevererverever take a credit card....like ever...pay cash, live below your means...oh wate I'm making sense, my bad
    Having credit cards isn't a bad idea. It's carrying a balance that is stupid.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  2. #22
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    Re: Credit Cards

    Not only are credit cards bad for the users, they are bad for vendors also.

    Depending on the type of business and the company that processes the charges, many vendors have to pay an assortment of fees that can be 16% or more of the gross sales. That's in addition to the taxes they will also have to pay. These fees apply to debit cards also.

    A word to the wise: Get rid of all of your cards, except one for emergency use. Use it only for emergencies.

    Make your small, routine purchases with cash. For other purchases, use personal checks. Always carry some. It's ok to use a card if a vendor refuses a check.

  3. #23
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    Re: Credit Cards

    Quote Originally Posted by RightinNYC View Post
    Having credit cards isn't a bad idea. It's carrying a balance that is stupid.
    It's not carrying a balance that's stupid necessarily, credit is required for major purchases, I don't think you'll find many people who can go out and buy a house or a car outright. It's people who go out and buy indiscriminately, who carry massive balances that they cannot hope to pay off, simply because they have the credit available.

    Having credit cards isn't a bad idea, it's having no self-control that is stupid.
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  4. #24
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    Re: Credit Cards

    Quote Originally Posted by earthworm View Post
    The outrageous rates are NOT illegal.
    They should be higher, and far more creative/innovative than they are now....The idea is to force people to think and plan before spending..
    The bankruptcy laws are way too "soft"; people, governments who spend on an irresponsible basis should pay back 100%, except for excessive interest rates
    You expect what never has and never will be. The public is not educated properly by our liberal stalinist public education system to survive in a capitalist society. They are taught multiculturalism and Kumbaya.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)

  5. #25
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    Re: Credit Cards

    Quote Originally Posted by American View Post
    You expect what never has and never will be. The public is not educated properly by our liberal stalinist public education system to survive in a capitalist society. They are taught multiculturalism and Kumbaya.
    then couldnt we solve the problem by better educating the younger of society, such as myself?

    and what about the people with 10 different types of credit cards? couldnt they survive with a limit of one or two? perhaps then, they would only have interest on one card, therefore not driving them so into bankruptcy. [sp?]
    curiousity may have killed the cat but satisfaction brought me back

    and im 16, please dont bag on me if i dont think all the way through

  6. #26
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    Re: Credit Cards

    Quote Originally Posted by creativedreams View Post
    I am referring to the interest rates charged on the loaned money.
    OK, thanks for explaining - however you originally asked about lowering illegal interest rates charged by loan sharks. As far as I know - illegal loan sharks are just what they are described as - "illegal" meaning they cannot be dealt with in the normal way.

    The only way to deal with illegal loan sharking was for local citizens to create their own mutual societies and offer each other the chance to get loans. These groups could be supported better and then people wouldn't have to go to loan sharks or to credit companies.

    Some purchases over here (in the UK) make sense when you use your credit company though - if I buy something on the internet using my credit card and the purchase falls flat or the company goes bankrupt I can get my money back from the credit company. That doesn't happen with bank cards or cash payments.

    Also, there are other protections by using a credit card that buying by cash doesn't give me - if my details get compromised I get sent a new card and my credit details are changed immediately. That doesn't happen in the UK with cash or bank card purchases, if my bank details get compromised I have 2-3 months of hassle and delayed cash liquidity that just isn't worth it.
    Last edited by Infinite Chaos; 05-10-09 at 04:05 PM.

  7. #27
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    Re: Credit Cards

    Quote Originally Posted by American View Post
    You expect what never has and never will be. I'm far too old to expect anything - but I am very pleasantly surprised in the gains we have made in civilization in the past 50 years The public is not educated properly by our liberal Stalinist public education system to survive in a capitalist society. They are taught multiculturalism and Kumbaya.
    Stuff and nonsense
    Our education system is messed up due to the people not caring, both liberal and conservative..

  8. #28
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    Re: Credit Cards

    Quote Originally Posted by Curious Cat View Post
    then couldn't we solve the problem by better educating the younger of society, such as myself?

    and what about the people with 10 different types of credit cards? couldn't they survive with a limit of one or two? perhaps then, they would only have interest on one card, therefore not driving them so into bankruptcy. [sp?]
    Only 16 ??
    You possess more wisdom and common sense than many, if not most adults - the ones with 20 credit cards...

  9. #29
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    Question Re: Credit Cards

    Quote Originally Posted by earthworm View Post
    Only 16 ??
    You possess more wisdom and common sense than many, if not most adults - the ones with 20 credit cards...
    why is everyone so surprised that im only 16???? sheesh. but thank you.

    but what about the education?
    curiousity may have killed the cat but satisfaction brought me back

    and im 16, please dont bag on me if i dont think all the way through

  10. #30
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    Re: Credit Cards

    Quote Originally Posted by creativedreams View Post
    Would it help america have a better economy if illegal loan sharking percentages were lowered to lever the credit cards down?
    This may be a little off topic, but if you ask me, credit cards should be banned altogether. They encourage people to spend money they don't even have. How many people are in debt because of credit cards? Yes, it is their own stupid fault and I have no sympathy for them at all, but no one can deny that these flimsy bits of plastic encourage people to spend.

    If you cant afford to buy something, that means you should go without. Save your money, then buy it. But people use their cards to buy things, then they use them again and again, and then the bill arrives and they are shocked because they can't pay it.

    They take out a second card to pay off the first, a third to pay off the second, etc etc.

    The only people who should be given credit cards are those with a high enough income that would ensure they can pay the bill, and the limit on a credit card should be based on that persons income.

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