Credit Cards, financial things, etc.

[icarusfall]

cards are generally charge cards which must be paid off in full every payment period and thus are not instruments of revolving debt like credit cards

Are you kidding me? You're gonna' call me out on saying AMEX instead of VISA?

[burgundy]

No, I'm no god. I'm just more informed than the average joe. By life experience, the experience of others, and the fact that my brother is a financial analyst who gives me words of advice regarding credit ratings, debt advice, etc.

sorry, was addressing to icarus

[burgundy]

Are you kidding me? You're gonna' call me out on saying AMEX instead of VISA?

i'm calling you out on generally not knowing stuff about this

[Yoshi]

Are you kidding me? You're gonna' call me out on saying AMEX instead of VISA?

Amex actually has both types of cards anyway.

[Rich]

I don't disagree with this. But MOST people are not smart/fortunate enough to be able to do that.

Most people are retarded. That doesn't make credit suppliers evil. They provide a great service when used responsibly. I don't see what the fuck is so hard to understand.

[icarusfall]

Let me put it like this since I'm not that interested in watching you guys defend the idea of credit.

We're never going to understand each other about things like this since we live in 2 different ways. I'm just saying there are ways to get through life without ever having a credit card. It's not hard. Your credit score matters very little if you're like me.

[burgundy]

Not true, they charge you tons of interest and late fees letting the amount you owe possibly triple, and then sell off your debt to a collection agency for the same amount/possibly more than you owed in the first place.

This is ridiculous. Why the fuck would a collection agency buy a delinquent account for MORE THAN what is owed? Collection agencies buy these accounts at massive discounts because they have to do a ton of work and spend a lot of money to get only a small percentage of debtors to pay some of what they owe. The issuers in this case lose bigtime and only recoup a fraction of what they laid out.

Credit card issuers would MUCH rather you pay your shit off every month than sell your account to collections.

[Yoshi]

For the record, I do think credit card companies are below average in terms of corporate morality. Hell, some banks are already raising credit card interest rates to offset stupid mortgages they handed out that are now defaulted upon.

[Josh]

If you take out debt for a depreciating asset like a car, you are really stupid.

My credit score isn't high enough to understand what this means.

[burgundy]

Amex actually has both types of cards anyway.

Yes. But they are better known for the charge cards.