Most everyone carries a credit card or two with them. It's very convenient charging stuff. And it's nice to be allowed to have credit.
No one calls them 'debt cards', which is what they actually are. Who wants to be reminded of that? The more you buy on your credit card the more debt you acquire. That's not fun. It's great to have credit, not so great to increase your debt.
So financial institutions have successfully marketed what we're actually doing, increasing debt, into a positive, free-wheeling way of life, "Charge it"!. And they love when we take time paying down our credit cards. Finance charges (debt charges) are very, very profitable for the banks.
Next time you pull out the plastic, think of it as a debt card. Sobering thought. Especially in these times.
Photo: stargazer95050
D'oh! I meant: evidently banks and credit cards have a different set of rules!
Posted by: Greg | 02/25/2010 at 10:26 AM
I remember the good old days when you could be jailed for charging interest rates of 20% and over. It was call "Usury." Evidentially banks and credit cards that charge upwards of 25% don't have a different set of rules.
Posted by: Greg | 02/25/2010 at 10:23 AM
Legal Extortion Card works!
There's been an ongoing backlash from consumers on bank's automatic upcharges. And as credit card reforms are moving forward, the banks are going after consumer's wallets before the wallets close:
"Banks jacked interest rates to record levels this week, getting in their final licks against consumers just ahead of the new credit card regulations." http://bit.ly/aixAFb
Incredible. And their TV commercials are so....caring for their customers.
Posted by: Gene Brady | 02/25/2010 at 07:54 AM
How about "Legal Extortion Card"?
Posted by: Russ | 02/25/2010 at 07:43 AM