Obviously the predatory tactics of the credit card companies have done nothing to curb the public’s need to use credit to meet their needs so I resent your implication that there is anything negative about these needed reforms to prevent these credit card companies from preying on those who are least able to afford high interest rates. You are obviously under the assumption that people have a choice whether or not to get in debt–what would you do if you needed your car repaired in order to get to work, pay for health care, or a suit so you could go out and get a job? Not everyone is in debt because they went out and bought a big screen TV on credit–there are other reasons.I want Patti and others to be able to recognize a financially fatal way of thinking: the need for credit to meet your needs. Credit is a convenience, not a cash substitute. That convenience has a cost - finance charges. There's also consequences for misusing the convenience, like late fees.
I realize that not everyone abuses credit, but there are some people who unknowingly use credit the wrong way. The proper response from our legislature should be to provide education on good spending habits, not to make it easier to go into debt.
If you find yourself having to use credit cards to meet your basic needs - food, shelter, transportation - you are likely headed towards financial trouble (or you're already there). Chances are, if you don't have enough money in your budget to cover those things this month, you won't have it next month either. Nor will you have the money to pay your credit card bill when it arrives.
Sure, there are unexpected expenses. Since we know they can and do arise, we should set money aside for them. We should not be relying on credit cards and other debt instruments to get us out of sticky situations.
And yes, from what I've observed, people do choose to go into debt by making the wrong decisions about using credit. I don't believe there is any situation where credit is the only option for getting out of a bad situation.
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