Comments on: Oh #@&! The Credit Card Company Held a Gun to My Head and Forced Me to Use the Card! http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/ Over Four Years of Personal Finance, Consumer Spending, Crazy Products and Boring Blog Posts. Good grief. Tue, 09 Mar 2010 03:53:53 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Brendan http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-13243 Brendan Tue, 17 Oct 2006 20:37:46 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-13243 I don't disagree that everyone needs to take responsibility for their spending, but the card companies have gotten much worse at helping people along. I look at my bill and the minimum payment is often about 2% of what I owe. People pay the minimum by default, even if they could pay more of the bill. They just see..."pay this amount now" and do it and don't think about it again. We each need personal responibility for our spending but the card companies should acquire some social responsibility rather than digging for bigger profits. <a href="http://catchagideon.blogspot.com" rel="nofollow">Catch A Gideon</a> I don’t disagree that everyone needs to take responsibility for their spending, but the card companies have gotten much worse at helping people along.

I look at my bill and the minimum payment is often about 2% of what I owe. People pay the minimum by default, even if they could pay more of the bill. They just see…”pay this amount now” and do it and don’t think about it again.

We each need personal responibility for our spending but the card companies should acquire some social responsibility rather than digging for bigger profits.

Catch A Gideon

]]> By: Marcus Tullius Cicero http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12887 Marcus Tullius Cicero Tue, 10 Oct 2006 01:20:06 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12887 I said it before, and I'll say it again: Magnum vectigal est parsimonia. ("Economy is a great revenue", for those of you who've not kept practsing their Latin! tsk tsk). Happy saving, Tully P.S. some young chap called Elvis asked me to send his regards to your readers, but I think he needs some good old fashioned thinking and a sober Roman haircut. Tully ----# P.P.S. Some folks save it, some folks lend it but as for me I want to spend it! -Thanks verra much, love Elv. I said it before, and I’ll say it again:
Magnum vectigal est parsimonia.
(”Economy is a great revenue”, for those of you who’ve not kept practsing their Latin! tsk tsk).

Happy saving,
Tully

P.S. some young chap called Elvis asked me to send his regards to your readers, but I think he needs some good old fashioned thinking and a sober Roman haircut.
Tully

—-#
P.P.S. Some folks save it, some folks lend it
but as for me I want to spend it! -Thanks verra much, love Elv.

]]> By: The Personal Finance Weblog http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12871 The Personal Finance Weblog Mon, 09 Oct 2006 19:21:48 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12871 <strong>Other Voices: Links for 10/09/06...</strong> What'd you say? Stop Buying Crap: "Apparently, credit cards company can magically force you to spend money." Consumerism Commentary: "Whose fault is it that people go deeper into debt? Is it the young adult who lacks the basic math s... Other Voices: Links for 10/09/06…

What'd you say? Stop Buying Crap: "Apparently, credit cards company can magically force you to spend money." Consumerism Commentary: "Whose fault is it that people go deeper into debt? Is it the young adult who lacks the basic math s…

]]> By: Melissa http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12853 Melissa Mon, 09 Oct 2006 14:01:34 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12853 In my high school (1980s) we had a "consumer math" class that was supposed to teach us how money worked, about credit and interest and taxes. But it was only for the kids who did not do well in the regular math classes, so if you failed geometry you'd get bumped down with the dummies to the dreaded consumer math. I took it for one semester after not doing well in a class and I learned a lot more useful info there than in algebra or geometry, or most of my other classes. I don't understand why they made that class only for the lower levels, like if you passed geometry you should just automatically be able to understand compound interest. I think a class on personal finance could really help people in school. It helped me. In my high school (1980s) we had a “consumer math” class that was supposed to teach us how money worked, about credit and interest and taxes. But it was only for the kids who did not do well in the regular math classes, so if you failed geometry you’d get bumped down with the dummies to the dreaded consumer math. I took it for one semester after not doing well in a class and I learned a lot more useful info there than in algebra or geometry, or most of my other classes. I don’t understand why they made that class only for the lower levels, like if you passed geometry you should just automatically be able to understand compound interest. I think a class on personal finance could really help people in school. It helped me.

]]> By: Get Rich Slowly » links for 2006-10-09 http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12848 Get Rich Slowly » links for 2006-10-09 Mon, 09 Oct 2006 13:41:05 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12848 [...] StopBuyingCrap.com » Oh #@&! The Credit Card Company Held a Gun to My Head and Forced Me to Use the Card! Cap’s right when he says we need to accept personal responsibility for our actions. But I think he’s wrong when he says “It’s as simple as that.” It’s not simple. Advertising exists to manipulate people; young people often lack basic financial education; (tags: creditcards debt psychology values) [...] [...] StopBuyingCrap.com » Oh #@&! The Credit Card Company Held a Gun to My Head and Forced Me to Use the Card! Cap’s right when he says we need to accept personal responsibility for our actions. But I think he’s wrong when he says “It’s as simple as that.” It’s not simple. Advertising exists to manipulate people; young people often lack basic financial education; (tags: creditcards debt psychology values) [...]

]]> By: Cap http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12825 Cap Sun, 08 Oct 2006 05:23:47 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12825 Flexo has it exactly right on the messages we receive from the media and the lack of information from other sources to counter that. It's pretty much how I got into debt before too. You should note though that I'm not blaming the spending culture for my actions.. but merely stating that they had a definite influence. The one who made the eventual choice was me, of course. (which was great, because I realized I can totally have control over the spending, seeing as how it's my fault). K: I'm not sure how you interpreted not-so-fast's comment that way too, but both you and Flexo pointed out something interested to me.. the possible reasons why we dont have mandatory money management courses in school, and the fact that.. even if we do, will the precipitants of the info even care? Thinking back.. I might have slept through my money management class, if there was such a class anyway. Flexo has it exactly right on the messages we receive from the media and the lack of information from other sources to counter that.

It’s pretty much how I got into debt before too. You should note though that I’m not blaming the spending culture for my actions.. but merely stating that they had a definite influence. The one who made the eventual choice was me, of course.

(which was great, because I realized I can totally have control over the spending, seeing as how it’s my fault).

K: I’m not sure how you interpreted not-so-fast’s comment that way too, but both you and Flexo pointed out something interested to me.. the possible reasons why we dont have mandatory money management courses in school, and the fact that.. even if we do, will the precipitants of the info even care?

Thinking back.. I might have slept through my money management class, if there was such a class anyway.

]]> By: Flexo http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12743 Flexo Sat, 07 Oct 2006 07:43:16 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12743 Ugh, it's 3:45 am where I am and that comment did read quite as I had hoped. Try this in the second paragraph: "The world is full of companies trying to sell products, and the information they provide fills in holes left by parents who don't teach, the lack of independent thinking, and schools that need to focus on other subjects. Schools have other priorities fighting for attention and don't have the resources to spend time on money management." Ugh, it’s 3:45 am where I am and that comment did read quite as I had hoped. Try this in the second paragraph:

“The world is full of companies trying to sell products, and the information they provide fills in holes left by parents who don’t teach, the lack of independent thinking, and schools that need to focus on other subjects. Schools have other priorities fighting for attention and don’t have the resources to spend time on money management.”

]]> By: Flexo http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12742 Flexo Sat, 07 Oct 2006 07:40:29 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12742 K: Looks like you're misinterpreting Not so fast. NSF didn't say anything about a classroom, and even said personal responsibility is important. Noe one is fully to blame, the credit card companies or people who don't know any better. The world is full of companies trying to sell products, and the information provides fills in holes left by parents, independent thinking, and decent teachers. Regular schools have way too much information to try to provide to students than to spend time on money management. The biggest problem is probably parents who do not teach (by example or otherwise) their kids money management skills when it is important for them to learn them. But it's not just about money management, it's about learning how to be independent thinkers and not responding so easily to the media, which is a huge influece even for intelligent kids. The media is a huge influece on everyone, and the message is spend, spend, spend. That message is not meeting any conflicting knowledge... So yes, there needs to be more personal responsibility, but something has to fill the void before the credit card companies (and insurance agents, boardwalk carnies, gurus/hucksters, politicians, etc.) start filling people's heads with misinformation. K: Looks like you’re misinterpreting Not so fast. NSF didn’t say anything about a classroom, and even said personal responsibility is important.

Noe one is fully to blame, the credit card companies or people who don’t know any better. The world is full of companies trying to sell products, and the information provides fills in holes left by parents, independent thinking, and decent teachers. Regular schools have way too much information to try to provide to students than to spend time on money management.

The biggest problem is probably parents who do not teach (by example or otherwise) their kids money management skills when it is important for them to learn them. But it’s not just about money management, it’s about learning how to be independent thinkers and not responding so easily to the media, which is a huge influece even for intelligent kids.

The media is a huge influece on everyone, and the message is spend, spend, spend. That message is not meeting any conflicting knowledge…

So yes, there needs to be more personal responsibility, but something has to fill the void before the credit card companies (and insurance agents, boardwalk carnies, gurus/hucksters, politicians, etc.) start filling people’s heads with misinformation.

]]> By: k http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12678 k Fri, 06 Oct 2006 12:38:00 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12678 To not-so-fast: To think that you expect young people to be put in a classroom and taught money management (then master all the details) is comical at best and tragic at worst. Do you advocate banning all credit cards? To not-so-fast:

To think that you expect young people to be put in a classroom and taught money management (then master all the details) is comical at best and tragic at worst.
Do you advocate banning all credit cards?

]]> By: Not so fast http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12634 Not so fast Fri, 06 Oct 2006 02:25:55 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12634 Yes, personal responsibility is important. Many young people, however, have never been taught thing one about managing money. They simply don't understand how it works. The companies take advantage of that. There are thousands of people who sit in their offices all day thinking up new ways to take advantage of that. And they take advantage of us in many other ways: http://www.bloggingawaydebt.com/2006/10/did-you-hear-that-it-was-my-jaw-hitting-the-floor/ Yes, personal responsibility is important. Many young people, however, have never been taught thing one about managing money. They simply don’t understand how it works. The companies take advantage of that. There are thousands of people who sit in their offices all day thinking up new ways to take advantage of that.

And they take advantage of us in many other ways: http://www.bloggingawaydebt.com/2006/10/did-you-hear-that-it-was-my-jaw-hitting-the-floor/

]]> By: nnn http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12628 nnn Fri, 06 Oct 2006 01:30:54 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12628 Drunken college nights + new-found independence + excessive on-campus marketing = BAD idea. Drunken college nights + new-found independence + excessive on-campus marketing = BAD idea.

]]> By: ~Dawn http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12580 ~Dawn Thu, 05 Oct 2006 14:18:28 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12580 Helloooo, with colors and names like GOLD, PLATINUM and BLACK credit cards, doncha ya know I'm going to let my friends know I am SOMEBODY special? [/snark] Helloooo, with colors and names like GOLD, PLATINUM and BLACK credit cards, doncha ya know I’m going to let my friends know I am SOMEBODY special? [/snark]

]]> By: Kira http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12573 Kira Thu, 05 Oct 2006 12:49:17 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12573 Note that they seem to think that just paying the bill (ie the minimum payment each month) is supposed to do the trick. No, it's supposed to make the debt go away in ten to fifteen years. You want it faster than that, you better throw more than $37 a month at it. Math isn't magic. Note that they seem to think that just paying the bill (ie the minimum payment each month) is supposed to do the trick. No, it’s supposed to make the debt go away in ten to fifteen years. You want it faster than that, you better throw more than $37 a month at it. Math isn’t magic.

]]> By: James http://www.stopbuyingcrap.com/personal-finance/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/comment-page-1/#comment-12569 James Thu, 05 Oct 2006 12:32:42 +0000 http://www.stopbuyingcrap.com/2006/10/04/oh-the-credit-card-company-held-a-gun-to-my-head-and-forced-me-to-use-the-card/#comment-12569 Haha, the two-word mystical phrase that seems to evade so many of us: "personal responsibility". Haha, the two-word mystical phrase that seems to evade so many of us: “personal responsibility”.

]]>