Re: Credit Cards Cashing in
Originally Posted by
Muddy
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I have never used a credit card I simply don’t understand the principle of building up debt thta will have to be paid off at some point in the future .
I had one once and only used it for extreme emergencies, I don't have one now. I think the problem with credit is a lot of people don't understand it, if you look back to the 70's and 80's when catalogues were popular, loads of people got into debt, the stuff was generally dearer than in the shops, as you'd expect, but people didn't understand the way it worked.
They'd see something and think, 'oh it's only 50p a week', not realising it was 50p a week for the next 18 months, so they'd order one, then something else for a pound a week, and on it went. Suddenly they were paying out a tenner a week, which a lot of them couldn't afford.
Look how many people got caught out with the payday loans, or those horrible companies that made massive profits by charging ridiculous APR's, someone in genuine need would borrow say a hundred quid and end up paying back several hundred.
I've heard some real horror stories of people getting into debt, and those who've been forced into the hands of loan sharks fare even worse, one woman got into debt with credit cards to such an extent that she had to resort to a loan shark, then when she couldn't meet his massive interest charges things started to get really nasty in the end she was forced to have sex with a load of his mates to clear the debts, it was virtually rape!
How the hell can we be a responsible and civilised society with things like this going on, then again you only have to look at the way things are going now. Boris Johnson delayed taking the proper course of action, a total lockdown because he knew full well that the rich business owners would lose money and he didn't want to upset them, the rest of us can rot so long as those with the money are ok.