It seems that the credit card companies are having a good time getting Americans into the credit card game. With not only candy and incentives to use a card but increasingly asked up penalties and fees for late-payments or going over the limit, it seems like the companies are laughing all the way to the bank.
Consider this situation
Someone can walk into a convenience store anywhere in the U.S. and pay only $1 for their coffee on days that there are no treats. Next, someone can drive about 20 miles to buy a coke and get a couple more ups for their money. On any given day, this will give them a couple of $1.00 treat.
Another way the credit companies have been getting Americans into the credit card game is to entice people with little “contests” by giving them thousands of dollars. These usually only last for a day or two and have some prize attached to it. One contest many people entered was the XAO computer contest where a prize was a new 1960’s style TV. entrants did not have to purchase an actual TV, they just got to keep the one they had. How odd.
Another way the credit card companies have been making a lot of money is when they have people enter the contest. They are hoping that there will be someone who will buy something and enter the contest. On the winner’s prize is a credit card company, not the prize. These winners get all of the credit card company’s spending money.
Now, we have all heard about these credit card companies’ unfair practices. They do not give any of us a reason to work these cards. Why? We are most of the time charged outrageous fees when we mail in a check or when we don’t use the card. We are told that we have to accept these charges even if we are not sure that we spent money on something. They extract a lot of money from us to get themselves out of a bad economy. Our government OKays these charges and gives them a great tax break. How does our government do that? They’re doing it.
I believe that we should have something to do with our credit. When you need credit for something and you have used a card, you are most certainly paying too much when you receive that check from the bank. Credit card companies take candy and money from us who can least afford it.
To be more aweare in financial sphere read my latest article about Types of Bankruptcy.