While I believe the credit industry is underhanded, I have little sympathy for the victims. However, I do suggest watching the documentary Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders (2006). From the article, Banks Warn Credit Card Legislation May Hurt, Not Help Consumers, I found one statement at the end profound and rudimentary.
``I've since decided to simply use cash and only use a credit card as a last resort,'' Chan said.
But, didn’t we already know that credit cards should be a last resort? Once again, I suggest we all move to strictly using cash on hand. Aside from the obvious individual costs, this current macroeconomic crisis–which is impacting us as a whole–is born out of the financial lending markets. These markets should serve a niche market or cease to exist at all, in my opinion. Unfortunately, citizens in want of immediate gratification–the majority of Americans–keep begging for more credit at almost any cost. This near inelastic relationship has opened the door for extortion and victimization. Instead of waiting for the government to create legislation to protect the stupid–most of us at this point–let's all stop buying the overpriced name brand clothing, purchasing large quantities of gasoline, and dining out with our plastic. Oh wait, did I just lose you? I think you misunderstood. I didn't say you shouldn't spend money on those items; that is your business, not mine. My point is at the tail of the sentence. Protect your own financial interests already. Lose the plastic.
``I've since decided to simply use cash and only use a credit card as a last resort,'' Chan said.
But, didn’t we already know that credit cards should be a last resort? Once again, I suggest we all move to strictly using cash on hand. Aside from the obvious individual costs, this current macroeconomic crisis–which is impacting us as a whole–is born out of the financial lending markets. These markets should serve a niche market or cease to exist at all, in my opinion. Unfortunately, citizens in want of immediate gratification–the majority of Americans–keep begging for more credit at almost any cost. This near inelastic relationship has opened the door for extortion and victimization. Instead of waiting for the government to create legislation to protect the stupid–most of us at this point–let's all stop buying the overpriced name brand clothing, purchasing large quantities of gasoline, and dining out with our plastic. Oh wait, did I just lose you? I think you misunderstood. I didn't say you shouldn't spend money on those items; that is your business, not mine. My point is at the tail of the sentence. Protect your own financial interests already. Lose the plastic.
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