Comments on: Are Credit Card Companies Ethical? Is Any Business Ethical?

By: Brad Chaffee

Brad Chaffee — Wed, 19 May 2010 04:17:49 +0000

Well stated sir! I will be linking to you in my post going live tomorrow in the morning about this change of heart. I hope you enjoy it.

By: Mr Credit Card

Mr Credit Card — Thu, 13 May 2010 03:52:50 +0000

Hey Brad

whether you have changed your views or not, I’m glad you have made progress in your financial life. Reducing debt, spending less than you earn are more fundamental concepts than whether you like credit cards or not, or whether you believe in passive or active investing. It’s like saying, being fit and healthy is more important than whether you do the occasional alcohol or not!

Good to hear from you.

By: Brad Chaffee

Brad Chaffee — Thu, 13 May 2010 03:24:50 +0000

How did I miss this? LOL Mr. Credit Card you may actually be surprised to know I have really softened my views on credit card use. It has mostly come from experience which has shown me that once you get to a certain point in becoming financially responsible, credit cards can be used as long as you don’t forget how much damage they can cause if you are not careful. I think there are different levels of debt abuse and sometimes when people are so used to over-spending on credit cards they probably need to cut them up.

After two years I feel completely comfortable with my ability to not spend more than I make, but I son;t think I am going to rush out and get credit cards though but I can’t say that I would never use them again if I felt the need to. I currently am doing just fine without them so why go and change things. LOL

Do you remember how we fist bumped into each other. I think it was a credit card post. LOL 90 degree turn wouldn’t you say? LOL

By: Garland

Garland — Sat, 27 Feb 2010 14:29:14 +0000

My complaint is the Credit Card companies paint all credit card holders the same color. I pay my account completely every month and yet my interest rate goes up because others do not pay up each month. I would prefer to pay with a check or cash. However, it is quite a hassle with the stores. Some want your SSN and want give it to them. They probably already have it what with the various service companies. I notice that Home Depot and Walmart will now accept a check. These Companies have a method of veryfying the check immediately. Home Deport gives your voided check back immediately. Walmart does not. I never have any problems with my credit card company. I just concerned about the time I might.

By: Credit Card Finder

Credit Card Finder — Wed, 02 Dec 2009 00:53:19 +0000

I have never had a problem with the credit cards being unethical until lately, as they are scrambling to make changes and raise rates before the new rules kick in. I and many friends have had their interest rates raised to astonomical rates, and that is with a good credit rating. I shudder to think what is going to happen next, especially to those with less than perfect credit score.

By: CreditShout

CreditShout — Mon, 16 Nov 2009 17:42:36 +0000

Great post,

For those of us who read the fine print and know about the hidden fees, we don’t have surprises and so the credit card companies seem a lot less evil. Most people don’t take the time to look at any of the fees and fine print and then complain when they get their rates jacked up after having 4 late payments.

I do think there needs to be more transparency when it comes down to repayment and this is why I commended Chase for the steps they’ve taken towards debt transparency with the Blueprint program. I know there is a debate on how effective the new tools actually are, however I think that by giving consumers an actual repayment time line, it lifts the debt fog that keeps people from getting out of a never ending cycle of credit card debt.

By: The Digerati Life

The Digerati Life — Mon, 16 Nov 2009 05:37:36 +0000

I realize that all of us have had different experiences with money and have thus formed various opinions about different aspects of finance. Also, there’s no “one size fits all” answer to all financial questions. What’s bad for someone can be pretty good for someone else. On that note, I take the stance of a pf blogger who prefers to provide as much info as I can to readers, and leave it up to folks to make their decisions on the topic at hand.

I also don’t see credit cards as good or bad, but a neutral tool. It’s up to each person to decide how to deal with these tools. The best we can do is press the card industry to stand by regulatory changes, the likes of which we’ll be seeing when the CARD Act is in full effect.

By: Len Penzo

Len Penzo — Sun, 15 Nov 2009 17:00:42 +0000

I will not quibble with people who say the credit card industry is unethical or predatory. Although I disagree with them, I *do* see the reasoning behind their arguments, and I respect their opinions.

However, Mr. CC, I also think you did a great job of pointing out the “slippery slope” that exists if we apply that same line of reasoning to other types of business.

By: Eric

Eric — Sun, 15 Nov 2009 09:04:11 +0000

Amen!

I too have been fed up with the anti-credit crowd, including commentators and bloggers.

I do not view credit on a moral basis. To me it is not good or evil. It is a TOOL. It is something that rewards me as I see fit. When it no longer serves that function, then I have no qualms about stopping it.

I especially hate it when bloggers make a blanket statement that credit cards are evil and people should stop because the bloggers have had bad personal experience with them. No, I will not stop just because YOU did or experienced something wrong.

Sorry for the long rant but I really had to vent!