If we can choose to stop those who stand to loose a lot of money from credit cards from getting one, should we? Probably best to inform and have each person decide for themselves.
Don't get a credit card if you can't pay IN FULL each month! I've never paid a single penny in interest even though I use my CC for everything (airline miles) and I would encourage others to do the same. I worked for a financial institution for 8 years and one of my favorite sayings was "those who understand interest, earn it. Those who don't, pay it." Don't pay interest guys =)
We should pass laws to not extend credit, or at least ample credit, to those less likely to use it properly. People borrow, cant pay it back, borrow more, interest compounds, cant pay that either, borrow more, boom. Bubble bursts. Credit has ruined this country's economy time and again, maybe it is about time stricter rwgulations were put on it. I am all for more general freedoms and less gov't conflict...but something has to put a stop to the frivolous spending of money by people who have no money to speak of. Could we slip into a depression worse than that of the 30s? Doubt it. Could we go into one that is comparatively almost as bad? Sure. And it is scary.
For the most part, people who shouldn't get credit cards are those who spends more than they can afford vs what they earn on income. Another type of person who shouldn't get involved into credit cards are those who have a strong compulsive buyers. Those are always at risk. They buy things not based on necessity but just because they "have to have it". They usually have the feelimg that "everything must happen now, it can't wait". I have a friend whose like that and is in a lot of debt. Much more than I own on two medical bill, a leased TV and two student loans all together. Imagine that, Beat The Bush.
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