Comments on: Fool of Credit Card Finance – Reader Report

By: MasterPo

MasterPo — Wed, 29 Apr 2009 02:56:14 +0000

I think the 4 sentence of that story says much more than you think (i.e. “did not speak English very well”.

The reality of our times is that if she were denied a credit card she could probably sue the issuer for millions$$ based on discrimination.

By: katy

katy — Fri, 24 Apr 2009 15:42:00 +0000

LOL! I laugh at myself, too, because I was irresponsible in college. I felt like somebody when I got a new credit card – I told my first husband ‘let’s break it in’! And special when Citi told me they were raising my credit limit at Christmas for being a good customer – yup, at 19.8% interest.

Today is very tough, but honest. Solvency is priceless. My profligate neighbors can be my reminders.

By: kitty

kitty — Fri, 24 Apr 2009 02:34:17 +0000

Just remembered one other story. A cousin of mine when she just came to the US from the Soviet Union worked at a pharmacy for a period of time. She told about one customer who gave her card that didn’t go through. My cousin told this lady that she cannot put her expense on this card, and the woman got very angry, started shouting, got almost aggressive. My cousin thought it was a stolen card, but now I am wondering if it could have been just maxed out.

By: kitty

kitty — Fri, 24 Apr 2009 02:25:15 +0000

“She was probably in her mid forties, and did not speak English very well. ”
Wow, and I’ve always thought we first generation immigrants are better with money… I guess there are stupid people everywhere.

I read somewhere that credit card interest is the tax on stupidity. Except both her and the company that gave her credit do indeed deserve each other as TML correctly said. The interest though may be high enough that by the time she defaults she has paid enough. Depends on the rate and how quickly she defaults.

“It’s clear this woman didn’t know anything about credit cards”
Is it lack of knowledge of credit cards though or the failure to learn that if you borrow money you always have to pay it back? I cannot understand how anyone who learned this simple rule in childhood (that has nothing to do with financial education, only moral one) would not be able to understand the difference between credit and spending money.

By: Clair Schwan of Frugal Living Freedom

Clair Schwan of Frugal Living Freedom — Thu, 23 Apr 2009 19:25:54 +0000

It’s clear this woman didn’t know anything about credit cards – they’re not at all like checks in your checkbook – just because you still have cards in your wallet, that doesn’t mean you still have plenty of money to spend

By: Gail

Gail — Thu, 23 Apr 2009 18:40:15 +0000

I wonder what this woman’s reaction would be if she was forced to watch a video of this sad scene…would she be proud of herself for successfully pulling off the purchase? Ashamed? Humiliated? Would she have an epiphany and make a vow to clean up her finances? Hopefully the latter…but sadly, I suspect for someone like this it’s just a normal way of life and no big deal!