by jdmartin » Tue 29 May 2007, 10:31:38
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Don't forget to use that "card" for Strarbucks coffee too!
Nice.........
$this->bbcode_second_pass_quote('', 'E')d Yingling, incoming president of the American Bankers Association, tells FRONTLINE that revolvers are "the sweet spot" of the banking industry. This "sweet spot" continues to grow as the average credit card debt among American households has more than doubled over the past decade. Today, the average family owes roughly $8,000 on their credit cards. This debt has helped generate record profits for the credit card industry -- last year, more than $30 billion before taxes.
I don't understand, wtf is your point? Yes, Americans are deeply in debt. Yes, they have a boatload of credit cards and some (many?) use them irresponsibly. Without those credit cards, I promise that it's highly unlikely that either one of us would have a job, so get off your sanctimonious high horse. You think Americans would be able to keep the economy running and continue purchasing this mountain of shit without credit cards?
Would the country and average American be better off in the long run without credit cards? No doubt, at least in my mind. But in the short term, meaning quite a number of years, you're talking about massive chaos and mayhem, a destroyed economy, and ridiculous levels of unemployment. Besides, lest you forget, even the credit card companies and banks employ a mountain of people, even if you and I think it's in less-than-honorable fields of employment.
IF you know how to use a credit card, and use the bank to your advantage, a credit card can be a great tool. Who's going to give me 5% back on my gas purchase if I'm paying cash? No one. If I buy an item over the internet and I get screwed, do they have my money or the credit card company's money?
Frankly, the only reason I'm able to use a credit card in such a manner is because most people exist on revolving terms. Otherwise, the CC company wouldn't be able to give me that gas rebate, or let me use their money for free, since I pay my cards in full each month.
I agree that there's a certain comfort in having no debt. But don't confuse that with being smart and knowing how to position yourself in a prudent manner within this economy. Besides, if you're truly a doomer, you'd be using CC's with abandon, because you really think they'll be able to collect 5% of what they're owed if the economy goes into the shitter?
After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.