CREDIT CARD PAYMENT - Problem Can't Pay. Remember the story about the poor farmer who broke into the doctor's office to steal the medication for his dying daughter because he could not afford the medication? The debate around this had to do with ethics: Is it OK to steal to save the life of the daughter? Is it correct that pharmaceutical companies charge high prices for a recipe? If the farmer is incarcerated? Are you justified in stealing?
The same story that exists today between credit card companies and we - the consumers. Should not it be illegal for credit card companies charge us 18%, 20%, even 30%? How are we supposed to get out of debt if all you are able to pay the minimum payment each month? If you are a 700 + credit score and you think you have a low rate, I advise you to check their status the next time you arrive in the mail. Your credit card company can raise your interest rate on a whim, and if you do not believe me, read the fine print. As consumers, debt is expected to be in our lifetime. Visa spent $ 600 million last year on advertising that may still be in debt. There is a reason why most of us out there can not afford the minimum payments on our credit cards every month. It's not because consumers are irresponsible (although that plays a small part), but there is a great project that has been engineered to stay, not just debt, but debt in our lifetime.
