TheGardener
Golden Member
- Jul 19, 2014
- 1,945
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Credit cards are good for you if you know how to use them correctly.
The credit card companies are hoping that you don't. They love people who make minimum balance payments, and who are late to pay. Who wouldn't like to make a 20% to 25% interest rate in this low interest rate environment? The late payment fees are always going up. I don't think that a $35 late fee is unknown these days. The credit card companies have a name that they call the +/- 25% of people who pay off their credit card balance every month on time. That name is "deadbeat". We think of that as someone who doesn't pay their bills. Not the credit card companies. They consider "deadbeats" to be people that they make little to no money on.
Ironically our political "leaders" made a huge deal out of the so-called reforms that they put through. They got re-elected, and the credit card companies' lawyers figured out how to get around the regulations.