I dont agree. I figure that if you took out the credit card in the first place, you should have known what you were getting into. Why punish the banks just because you cant keep up with your debt? You should be responsible for whatever charges you have.
Cheezie (2350) On 10 / 26/ 2009 at 7:49 EST - MoneyComment
I might agree if the charges werent so ridiculous. When a family has no income and needs to charge their groceries, why try to add to the debt? Most people are struggling right now, we need to be helping each other out, not taking advantage.
Credit card companies are a legalized form of one of the mafias biggest money makers. Loan Sharking. What they charge is absolutley ridiculous. If you are 1 day late on a payment a lot of them will bump up your interest rate. Some of them as high as 29.99 %. Something needs to be done about having a restriction on a lot of their policies and charges.
I think people should be responible for their own debt, but it seems like increasing it so much that a person cant keep up isnt the way to get them to pay it. Or even when they do pay it, they'll hate the bank so much that they close the account. That's one customer that you could have made more money on.
