Credit Card Companies are like Casino's

[Migal]

Their industry, like the casino industry, is built on losers, not winners. They were made/built by people (previously me) who DON'T pay off their credit cards each month.

I agree with Suze Orman now, cash only.

You can't beat them at their game, so come up with a new play and beat them at your game!

[AMISLANDER]

I look at it this way: Credit is a loan. Banks charge for loans. Why wouldn't you pay something to use a credit card for a 30 day loan?

However, the ability (in small print) for the cc to change the interest rate/fees/etc. at will at any time regardless of credit history is ridiculous.

[Penny Less]

I think in the past, before the financial crises, they were more like high class vultures.

Now that they are struggling and failing people are seeing them for what they really are.

[momisery]

The problems with credit cards I agree is the ability to change fees in mid stream even on old debt. An adjustable loan works that way too, and both are dangerous I think. You start out using it because someone is laid off, or an emergency comes up and suddenly things never get better and your in trouble. The problem is that without the card you would not have been able to afford the DDS for that toothache, or the DR for the pain you have. Another problem is our CREDIT REPORT that you MUST have a score on to get a home or car unless you go all cash. Of course you can get loans without a score, but the interest is usally higher. You can go FHA on a home and use other credit lines, like utilities etc. But really until we get our heads out of our hinny's about how to rate people other than by a CREDIT REPORT we will all be trying to get cards that get us in trouble. As for the dental, health problems that cards help to cover, I guess the answer will be "suck it up" in the future.

[HakunaMatata]

CCs and casinos have surely succeeded in luring people into environments with unfavorable consumer odds. However, a $100 bet at the casino is just that...$100. A $100 charge...well, we know the story. The beauty is we don't have to play such games, we don't have to be duped by glamour or incentives, and we don't have to fall into the losing class.

[anykey]

they borrow the $ at 0% then charge 30%.

I wonder why they need a bail out?