mnmtranching":3bfjgcxt said:Yeah I think Credit cards are for the credit card companies. I think for the most part not a good thing to get dependent on. And no one is forced to get hooked on them. I only feel a little sorry for those that get in over their heads. Each case is different, but I believe dept is brought on by excessive spending. I am doing just fine without having a credit card.
You may be right about excessive spending, but Bank of American just sent out notices to many of their long-time customers, current on their payments, that they were raising their interest rates...a lot. They gave them a very short time to notify them, in writing, that they were going to stop using the cards and pay off the debt at the current interest rate.
http://www.businessweek.com/bwdaily/dnf ... 105146.htm