Don't you agree? Most of the credit card companies described on this web site would be obsolete if "people with bad credit" (in real words "poor people" didn't exist!
RE: "Poor" People Ca If everyone paid there bills on time and paid out the full balance of their C.C each billing period, How would the credit card comp[anies make a profit? They rely on the Poor schmuck who is trying to survive to carry all the people who pride themselves on paying their bill ontime. Most people who pay all their bills ontime do so because they can!!!!!!!
RE: "Poor" People Ca Hey, my credit sucks but I'm not poor! I just don't like paying my bills. I pay the morgage, car loan, and cable,electric,water,sanitation but if anyone else gives me credit...I might not pay them. Not because I can't afford it, I just rather keep the money. This may be called "immoral", but so is using people anyway. I do know poor people with good credit. If fact most "poor" people (I don't know this for sure) have decent credit but no net worth. I have great net worth, a 6 figure income, but my credit has a life of it's own. I got this way by holding on to my cash and paying who I want to when I want to. I find it much more gainful to change your phone number every now and then as opposed to just "paying up".
RE: "Poor" People Ca Well Mike, that's refreshingly honest. Though, I'm sure that David D. would have a couple of choice words for you, since you are personally responsible for driving up the interest rates on his credit cards.
RE: "Poor" People Ca Nobody forces this "David D." to get get cards in the first place....and what I do is the American Way by definition. They used to put debtors in prison in England. Our great founding fathers decided to put an end to this practice so they too can increase their personal wealth from the banks back in England. It is the God Given American Right of every American to not pay anything he or she does not want to pay, and if someone wants to whine about his/her interest rates who is the one being manipulated? People get so overly concerned about their credit scores, and fell it has something to do with their fellings toward their value as a person. This is BS! Net worth is all that really matters. You can go and "buy" a house for $250,000.00 with your 85,000.00 annual income, and 810 beacon score but who owns the house? The bank does! That is not security, and by definition, you are not a "homeowner", and your net worth just when down the plughole. Yet, if you have the same resources, you could borrow the cash though several sources, buy the house in the name of a trusted third party, and make payment as you like according to your terms. No foreclosures or repos or anything. Noone forces anyone to borrow anything, and noone forces these institutions to lend you the money. The bottom line is a excellent credit file does little for anyone except create an avenue of instant recovery in a bad situation. If they want to brag about how low their interest rates are, I will too. I pay 0% for everything I get because I pay in cash with my money. When I have borrowed in the past it is for cash loans then I get the bank to settle for even or I pay them nothing. Why let these institutions manipulate you, you can manipulate them!
RE: "Poor" People Ca What's yours is yours, and what's ours is yours. As honest a rationale for ripping off your neighbors as ever I have seen. You must be a graduate, summa cum laude, of the Kathie School of Ethics.
RE: "Poor" People Ca This isn't true at all. Credit card companies would make money even if all cardholders paid their balances on time (they just wouldn't make as much). How? Have you ever had a merchant not want to let you use your credit card for a purchase? Well this is because 1% (approx.) of the sale amount goes to the bank that gave you the credit card. And another percent goes to the bank that gave the merchant the terminal to process the credit-card transaction. So they're making money before you've even failed to make your monthly payment. You just give them more.
