Penalizing the Financially Intelligent People

Discussion in 'Economy' started by KittenKoder, Oct 21, 2009.

  1. KittenKoder
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    KittenKoder Senior Member

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    Banks are starting to charge fees for people who have credit cards and don't use them all the time, this is stupid. Credit is what fucked up our economy and now banks want to penalize the people who are actually smart and use the cards only in emergencies instead of the idiots that live beyond their means and expect the government to pay off their debt.

    The news just announced this in their broadcast and I can't find a link to the story online yet.
     
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  2. The Rabbi
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    The Rabbi Diamond Member

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    Credit cards generate enormous profits in a growing economy. So the more they get used, the better for banks.
    They are free to charge whatever they want. I am free to cancel the card if I dont like it.
    What's the problem here again?
     
  3. KittenKoder
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    KittenKoder Senior Member

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    The problem ...

    First, when people borrow money and don't pay it back, that hurts the economy.

    Second, they are punishing people who don't do that.
     
  4. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Banks made huge amounts of money because people were late on payments in addition to carrying large balances. The smart ones are paying off the balances which is affecting the banks bottom line.

    Because most people are paying an account off but keeping it open banks are now choosing to attach maintenance fees to those cards. I'm not saying it's wrong, banks have to make money but people should know what they're getting into as well.

    I have paid off two cards here in the last few months and have closed both accounts. The so called negative hit to my credit score is over ridden by the fact that I have more money in my pocket to save or "invest" as I please. I can't be the only American who is doing this as savings rates are at the highest they've been since WWII.
    The biggest thing was a tax liability I had one year. Some house renovations and maintenance issues that needed immediate attention. But I have to admit that probably 50% or more of the total balance was for shit I should have just saved up and paid cash for. The wife and I basically charged "wants" instead of "needs".

    After we payoff the other 4 cards, my wife and I are only keeping the American Express which has to be paid off monthly anyway, and the Chase card which has stayed at 6 percent and never gone up. I got it through the Yokota AB Officers Club by the way.
     
  5. The Rabbi
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    The Rabbi Diamond Member

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    The vast majority of credit card charges are repaid. If they weren't banks wouldn't be jumping all over this.
    Second, people don't have to sit there and take it. They are free to either use their card once a year and pay it back timely or cancel it.
     
  6. KittenKoder
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    KittenKoder Senior Member

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    We aren't talking about people who borrow a little money every month, we are talking about those who get the cards so they have it "just in case" and hold onto it until such time. Which winds up to no use for years.
     
  7. The Rabbi
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    The Rabbi Diamond Member

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    OK. Then they'll have to either use it, lose it, or pay the fine.

    There's a problem here, how exactly?
     
  8. Neubarth
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    Neubarth At the Ballpark July 30th

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    I use my credit card as cash. I pay off the balance when due and have never carried a balance forward. I don't like carrying money and I don't like writing checks. Credit Cards are just so very easy.

    As soon as they let us get microchipped in the forehead or on the back of the hand for easy scanning, I will do so. Then I will not have to carry a card around.

    In the future, all monetary transactions will be conducted from an implanted microchip that will confirm your financial capacity to pay the bill automatically.

    If you are chipped, you can pay if you are not chipped, you can go hungry. AMEN.
     
  9. Single Dad
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    Single Dad Member

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    When banks/credit card companies get confronted for trying to charge BS fees like this it is amazing at how quickly so many of them turtle and eliminate the fees. If your credit card company tries to charge you for NOT using your card - tell them to eliminate the fees or you will drop their asses. I have 1 credit card that tried to do this to me and they agreed to eliminate the fees once I gave them the ultimatum.
     
  10. California Girl
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    California Girl BANNED

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    Actually, credit didn't fuck our economy. People fucked our economy by using credit they knew they couldn't pay back. Banks are businesses - they are profit driven. Individuals are supposed to take responsibility for their own financial affairs.

    I'm not defending the behavior of banks, but let's recognize that this whole situation was avoidable if:

    1. Our government (both sides are equally responsible) had reigned in banks.
    2. Banks had not been so greedy.
    3. Groups like Unions, ACORN, et al had not forced backed to lend to people who couldn't afford to pay it back.
    4. Individuals had not run up huge debts just because the banks were prepared to give it to them.

    All in all, there is plenty of blame to go around.
     
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