Yahoo! Answers*

Question:

Do you hink that credit card companies have policies which deliberatlely cause personal debt?

Just another survey question!

Answers:

1) I do not think they deliberately cause debt as much as they prey on our weaknesses to have "things". You get an offer in the mail for 6 months 0% apr and think you have hit the jackpot but a lot of people stop there and don't process the rest of the fine print. We get these card offers and want to use them thinking in some cases we can pay them off easily, just to find at the end of 6 months we are paying 22% apr. Getting a credit card through an offer being sent to us, is really our choice, we can say no.

2) No, I think credit companies are a shady business which tempts people to listen to their own worst natures. However, as adults we have freedom of choice, and the choices we make are what get us into debt.

3) Credit cards advertise like everybody else, with "you deserve . . ." and language like that. People in our society don't want to wait. People use the word "need" when "want" would be more accurate. Credit card facilitate that, but nobody make you spend money you don't have on things you don't need.

4) Absolutely. Their entire industry is built around personal debt. The way they calculate interest. They way they apply payments. The way they advertise. They way they reach out to minors and college students. Everything about them is to get you into debt and keep you there. They make no money on people who are debt free. They make no money on people who pay off their account.

5) No, it's the stupidity and ignorance of the cardholder that causes personal debt.

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