- National Post editorial board: Giving credit even where it's not due
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It's understandable that government would be keen on regulating the credit card industry. It's based, at least in part, on the hope that customers will be unable to pay their bills and will thus be trapped in a web of obscure fees and ruinous interest rates. Credit card firms would protest that characterization -- and it does ignore the useful roles credit cards play -- but it's the view held by many Canadians.
How did this come about? Credit cards were originally issued by a few department stores and gas stations to make it easier to shop without carrying around wads of cash. Interest rates were higher than usual, but if you paid your bills every month you didn't have to worry. Eventually all-purpose cards like Visa and Mastercard came along, enabling consumers to use one card for virtually any purpose.
5 comments:
Have you tried to live without one?
It's often not so much about spending more money, but that it's a requirement for many transactions.
Except for possibly online purchases
there are options; cheques, money orders, paypal, etc.
no. There is not. Ever try to rent anything? Stay a night in a motel? Is that only for rich people?
And that is just the beginning.
cheques, money orders, and paypal are not options.
Have you ever tried to do this with a maxed out card irregardless of your fiscal position? The bottom line is not whether you have a card or not but how you use it and blaming banks for your avarice is ludicrous. I am sure in your "business" you try to maximize your profits
there you go again. Assuming the lower income people max their credit cards. Who is talking about maxed out credit cards?
We're talking about people who have less disposable income to blow on being gouged by credit card companies.
I am not blaming banks for the actions of the ones who make poor choices, but I am pointing the finger at them for the absolute gouging all round.
Which you can't seem to fathom.
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