May 17, 2009
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30-Day Float or Not …
It’s interesting to read about credit card reform because people need help now. Obviously, these people do need help but is it really help from credit cards or the government or really from themselves? Why do people get credit cards to begin with? Convenience or a personal line of credit that can be pushed off anywhere from a month to whenever they pay it totally off. Chewy was mentioning to me about how a friend of ours has never, ever had a credit card. I thought that was pretty interesting just because I got my first credit card back in college almost 20 years ago and our friend is the same age as I am. I remember my folks telling me about the evils of credit cards but also the benefits of a credit card. That no matter what, it was my card and I was the one responsible for how I used or abused it. I guess I just feel sorry for those who’s parents never had a talking with their kids and that they’re now abusing it. It’s sad not just for the users but also to the credit card companies. True, some things that they do maybe unfair but they’re basically allowing us to use credit while floating the balance for about 30 days if we pay it off. Otherwise, how do these credit card companies make their money? The little amount that they charge the stores to provide the service or through fees and money from interest rates. The credit card companies hope you don’t pay off your balance otherwise they won’t make any money and therefore, won’t be able to pay their employees. It really is a vicious cycle here for those who continue to have recycling debt. Sometimes it’s necessary and because of the ability to do so they must pay the cost to have the ability. So yet again, the government swoops in to save us from ourselves. I wonder how much of this could have been avoided if parents had similar talks to their kids about credit, responsibility and consequences.
With all the drama happening with Miss. California, a interesting piece about perceived beauty and expectations. And lastly, another interesting article about “Buy America” and how we want to be a global economy and yet not really. Who can name an all-American television company/manufacture? Or an all-American computer system? I guess it’s a good thing we’re limiting ourselves to steel and some other minor things.
