Really can't blame the govt on this one - sm
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Posted By:
money smart on 2008-09-29
In Reply to: It was our government that got those - can't blame the people
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We all take responsibility for ourselves.
Let's talk about the decisions we make and advertising.
Some people see an ad for some kind of "miracle" weight loss drug. We know it isn't going to work the way the ad says it will but... still, some people buy it, the company makes big money.
Same thing with some of these shady lenders. They may be sitting on a lot of foreclosures at a time but they will STILL make a lot of money off of the rest of the people.
Now lets talk credit cards.
Same thing here. I have a Discover card that I had paid off about 2 years ago. I still had a sizable balance on another card but my plan was to close the Discover and keep the other and pay it off too.
When I called Discover to close my account after I had paid it off, they wanted to keep me of course so they offered me a fixed rate of 3.99% for three years on any balance transfers, no transfer fees, etc.
Okay. I kept the Discover, transferred the balance and closed the other card. I am now 2 months from having it paid off again but....... even though I have requested numerous times that they NOT raise my available credit, they keep doing it. My available credit is now up to $14,000.00.
Excuse me but I am NOT that stupid as to charge that much on a credit card, no matter what the interest rate is but..... Some people do it and end up in big trouble.
The trick of it is that people need to be smarter than that. It's OUR money, OUR risk. Card companies don't give a rip if they over extend credit to people. They will find a way to squeeze the money out of them. |
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Really can't blame the govt on this one - sm - money smart
