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Credit cards companies are evil

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  • Credit cards companies are evil

    I realise this is a widely held opinion.

    But good lord, knowing that is fact makes me sad.

    Is this what capitalism is all about? How can anybody defend this?

    The credit card companies claim they need the ability to charge such high rates and change those rates because the risk is so high.

    But then they continue to reduce their risk but lobbying washington to change the bankruptcy laws.

    So what is the risk they have now? And if the risk was so high you would expect alot of credit card companies to fail.

    Can anybody tell me the last time one did fail?
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  • #2
    Re: Credit cards companies are evil

    I see no moral objection to an entity which offers its' services for me to use. I may be a bad credit risk and therefore worthy only of a high interest credit card. If these companies didn't offer such high risk, high rate cards, then I wouldn't be able to get any credit card at all.

    And maybe I shouldn't get a card, maybe it'd be irresponsible. But that's not the point: the point is that at least with the existence of these high rate cards, I have the choice to get one if I want or need to. Removing these high rate cards will simply restrict the choices available to the public.

    Do you really not believe that lending money to the least responsible individuals of the notoriously spendthrift American public is risky?
    A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

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    • #3
      Re: Credit cards companies are evil

      Originally posted by El_Gringo_Grande
      And if the risk was so high you would expect alot of credit card companies to fail.

      Can anybody tell me the last time one did fail?
      My bank offered a Visa line of credit and it went out of business. You have to remember that Visa and MasterCard are only networks that get used by a bank to provide the line of credit. Often banks start a seperate company to handle their credit business because it is so risky. So, since I bank at Welsh Fargo Bank, my credit card is through Welsh Fargo Financial Services (I just pulled this example out of my butt, btw:row__593: ). If the credit company goes under, it won't drag the bank with it...

      Anyway, although it may be rare now, it does happen...
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