Why would B&H promote this??

Started 2 months ago | Discussions thread
WunWegWunDarWun Regular Member • Posts: 410
Re: It is a great deal for everyone

Marek M wrote:

Timzee wrote:

Marek M wrote:

If you cannot afford something, then it isn't for you. If you can, buy it and pay for it.

Hey, what are you trying to do-- put banks out of business?!?

But seriously, while no one can dispute that logic. However it just doesn't work that way in the real world for a lot of folks for a wide variety of reasons:

Credit card balances carried from month to month continue to inch up, reaching $423.8 billion in early 2019, according to NerdWallet’s annual analysis of U.S. household debt. That’s an increase of almost 5% over last year. And for Americans carrying that debt, the impact is significant.

The average U.S. household with credit card debt has an estimated $6,7411 in revolving balances, or balances carried from one month to the next, the analysis found. This pernicious type of debt, which often comes with high interest rates that make it a challenge to pay off, can feel inescapable. About 1 in 11 (9%) Americans who have credit card debt say they don’t think they will ever be completely free of credit card debt, according to a NerdWallet survey conducted by The Harris Poll.

https://www.nerdwallet.com/blog/average-credit-card-debt-household/

That is turning the argument upside down.

Simply because many Americans carry the debt ( or : are irresponsible fiscally), credit card companies should lower their interest? I bet that the default rate on those payments is high.

Credit card companies should become restrictive in who do they issue credit cards to.

They are, they won't issue it to people who can't be relied upon to be paying the interest should they incur it indefinitely into the future.

In some countries, your credit card limit is tied to your bank balance.

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tko
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