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Why Should We Shed A Tear for People Who Have Massive Credit Card Debt?
Question : Why Should We Shed A Tear for People Who Have Massive Credit Card Debt?
A week or two ago, when congress was still debating this “credit card bill of rights”, there were stories on the news featuring people who had massive credit card debt. There was one story I saw about a woman who got a credit card at age 20 and by age 22 had amassed $ 30,000 in credit card debt that she had no ability to pay off. The story wanted us to be sympathetic to the woman.
Why should we feel bad for people who rack up tens of thousands of dollars in credit card debt? How is that related to sneaky practices by the credit card companies?
credit card debt stories
Best answer:
Answer by Jen
I know what you mean, apparently she couldn’t manage her money well! Frankly, I work hard and don’t spend more than I should, I am not in debt, so no I do not sypathize with people in debt they cause themselves!
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#3 written by MKD 1 year ago
We all put ourselves at risk when we used credit cards. Many factors lead people to into debt. Should we feel sorry for all that get into this situation, no ,but as said above some people charge for medical and prescription drugs they need. However the credit cards companies did make it harder for people to pay the debt. They increased interest rates and the minimum due thus making it harder and even impossible for a lot of people to pay. And they gave out the credit freely and increased the credit limits when they should not have. So all around it is the credit card companies and the people who use the credit cards unwisely that are fault and yes we who use the credit cards need to suffer the consequences for using credit cards. Feel sorry for no.
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#4 written by Michael T 1 year ago
It has quite a bit to do with it. Why would credit card companies give a 20 year old $ 20,000 worth of credit to a person with limited credit history? It was done because credit card companies became careless because they thought they would nearly always be paid back by having laws changed over the past 20 years to allow them to charge exorbitant fees, unlimited interest, and gain bankruptcy protection.
Whenever companies become so deregulated, bad thing happen.
Greed begets greed.
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#6 written by Cheliebean 1 year ago
I don’t think we should feel bad for them. I am one person who has a TON of credit card debt, its my own fault, and I in no way expect anybody to feel bad for me! Its my own fault and I will get out of it. The thing that I do expect is that there be some guidelines for credit card companies in which they aren’t allowed to treat me unfairly because of the situation that I am in as long as I am paying them each month, at least the minimum (although I pay significantly more than that), and I don’t make payments late. Some credit card companies have adjusted their interest rates to unreasonable amounts and people can not get ahead. That isn’t fair to people, and I do feel bad when they have done NOTHING wrong and were paying all payments on time, making progress, and then the credit card company increases their rates just because they want to pad their income more!
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Do you see the US government bailing these people out like they did for the banks and financial service companies….These bastards have taken billions of our dollars then they turned around and doubled interest rates on those of us with perfect credit and payment histories….why single out the little guy?
The punitive BK Reform Bill passed under Bush has already addressed this issue you address.