Congress is looking at credit card companies and their practices. I think it should be more difficult to get a credit card. If the requirements to get a loan or get a credit card were changed then it would be more difficult for people to get into financial trouble.
This change wouldn’t help people who already have a great deal of credit card debt. Even though fees, interest rates and finance charges do add a lot to credit card debt. The biggest problem is that some people who get credit cards and really aren’t able to pay in the first place. Using a credit card wisely doesn’t get you into debt. That is when you pay on time or before you have any interest charged if you have a promotional rate for a certain period of time.
“They gave me the credit so they [the credit card companies] are the fools.” I have heard this several times from different sources from people of different walks fo life. So when credit is extended to people, they do not always think that it is important to pay the credit card company if they, the users themselves are not confident that they should have been extended credit.
Do you think you are credit worthy? Do you have a good sense of credit worthiness? If you have a sense that you are entitled to credit and use it wisely then it is ok. If you think that you don’t deserve credit then you will probably not feel as compelled to repay the loan that you have. Credit cards are short term loans that are designed to be repaid. When you don’t repay within a certain period of time, you have to meet the terms. If you made a loan with a loan shark that is to be repaid within days and you know that the threat is your health you do what you need to do to repay the loan.
Credit card companies have some cut throat rates for those who do not pay on time and quick and those are the people who they make the most money from. Credit Card companies do not make a lot of money from me. I pay on time and in full, or for a promo rate before interest charges apply.
Live up to your creditworthiness. Repay your credit card bills on time.
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