Right… but sometimes people fall on hard times. They may get laid off and need food or to pay rent for the month. They may get an unexpected medical expense. They use a credit card in the hopes they’ll bounce back on their feet soon… but high interest rates make it harder and harder to pay it back. Interest rates should never be above 20%. And even that is high.
But yes, there are those who use it to go partying or buy expensive toys too.
I used mine to cover a job loss for food and gas, and have finally been able to knock it down after two years of buying very little to ensure most of my money goes to paying them off. It is harder than it should be to get back on my feet, especially when I am making more money than I ever have in my life, but the cost of shit also went up with my pay, so it is effectively the same as it was when I was a TEEN.
Although credit cards are predatory, there has to be some sort of personal responsibility right?
Right… but sometimes people fall on hard times. They may get laid off and need food or to pay rent for the month. They may get an unexpected medical expense. They use a credit card in the hopes they’ll bounce back on their feet soon… but high interest rates make it harder and harder to pay it back. Interest rates should never be above 20%. And even that is high.
But yes, there are those who use it to go partying or buy expensive toys too.
I used mine to cover a job loss for food and gas, and have finally been able to knock it down after two years of buying very little to ensure most of my money goes to paying them off. It is harder than it should be to get back on my feet, especially when I am making more money than I ever have in my life, but the cost of shit also went up with my pay, so it is effectively the same as it was when I was a TEEN.