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  1. #1
    Join Date
    Jan 2014
    Posts
    279

    Do you think that credit cards are a scam?

    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?
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  2. #2
    Join Date
    Oct 2011
    Location
    Amsterdam
    Posts
    15,510

    Re: Do you think that credit cards are a scam?

    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.

  3. #3
    Join Date
    Dec 2013
    Posts
    22

    Re: Do you think that credit cards are a scam?

    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!

  4. #4
    Join Date
    Jan 2014
    Posts
    279

    Re: Do you think that credit cards are a scam?

    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.
    Get paid to chat! :) Diskussable

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