Do you think that credit cards are a scam?

[pr0xx1d]

Do you think that credit cards and bank loans are scams? Do you think that they are a form of financial enslavement? Personally, I do. How about you?

[Administrator]

As long as you know the terms.
I think when Capital One gives an 18 year old college student a credit card at 24% interest. I think that's preying on the weak.

[her19]

I think people need to use credit cards responsibly and the only way to avoid paying a lot of money in interest charges on credit cards is to pay them off quickly. I've known people that have taken mortgages out on their homes to pay off credit card debt and I would never want to pull the value out of my home to pay off credit cards. I prefer to pay cash whenever I can because it's better to save up for something that you really want than to charge it and basically pay for it several times over. Credit cards are great for emergencies, too, but I think the trick is to try and use them wisely and Administrator made a great point because college students are more than likely going to max out their credit cards and you know that these corporations know this also!

[pr0xx1d]

Agreed. I am a grad student and my first one was 33% interest. I have only used it once. It appears to me to be a scam for those that at least are starting out building their credit.