Tuesday, January 19, 2010, AM | 1 Comment
Well, on the surface of it, the statement does not make sense. Credit card companies and your financial partners? By nature of the business, these are contradictory. Why would a credit card company want to help consumers in budgeting their finances when they filled their pockets by making us miserable? Well, it may not be 100% their fault. We have to blame ourselves too for our hardships.
Let’s take a step back
These companies up until now, and till the 22nd of next month, made money by telling us all to spend and spend like there is no tomorrow with the easy credit available to us in the form of credit cards.
Many folks have had multiple cards. The credit card industry has long been encouraging consumers to spend beyond their means and then profiting from their excess. That’s how they made money and that’s how the majority of us got screwed and screwed big.
However, they are smart and they think us folks are dumb. Come to think of it, the consumers are so gullible we run to the mall by watching a commercial without thinking if we really need what we buy and credit cards, no doubt, are a big part of it.
Credit Card Act is forcing the industry to change the way it does business. And some issuers are trying to change their image as well by aligning themselves on the side of consumers with new programs to help them manage their money.
You can ask yourself a question. Did I fire…[Clint]? These companies cannot leave the miseries of some folks – make that millions of folks – behind and tell us everything is gonna be OK from now on and that they will help us in our personal finances.
In a Nutshell
Well, as always, you must be on your guard every minute of your life. A person once bitten by a snake is sometimes afraid at the first sight of a rope. I would be skeptical at first and take my steps with ultra caution till I am really convinced that they are true to their word. And they may very well be because, according to one estimate, they lost about $20 billion in the third quarter from charge-offs alone.
They probably figured Better be friends than foes, especially when they supposedly lost $20 billion in 3 months by making us miserable.” However, be skeptical to go along at the first sight of their statement. Take your time and see how things turn out.Facebook.com/doable.finance