Driving to work this morning I heard a commercial on the radio for a debt solutions program. The company promises to eliminate your credit card debt or make the payments very mananagable. They scold the evil, greedy credit card companies for trying to take advantage of those poor consumers who have spent more money than they have.
First, I understand everyone has a different financial situation and I don’t know the circumstances of everyone’s debt. However, for the most part debt racked up on credit cards is pointless and there is little or no excuse for massive amounts of credit card debt. It’s not Visa, MasterCard, Discover, or American Express that made you spend $500 for a new summer wardrobe you can’t really afford. Sure they may charge 20.99% interest on that money, but they didn’t make the initial decision to overspend.
We as adults need to have some responsibility for our own actions. Stop blaming the finance companies for being greedy and start taking responsibility for our own out of control spending. I really hat to take up for credit card companies, but quit looking for handouts and start earning a living!
I agree, as adults we have to accept some of the responsibility for our spending. Credit cards were created as a for profit company so naturally they are going to try to make as much money as possible. Put yourself in their shoes, if you owned a business and people wanted to pay inflated prices for your services, wouldn’t you continue to offer those services for those inflated prices? I doubt you would lower the prices of your services, if they were willing to pay them? Credit card companies provide a valuable and convenient service to those who are responsible enough to use them.