Community Chat

[Carmie]

This won't take affect until May.

[Lakelife62]

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@Wsmom wrote:

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@Boehm Collector wrote:

My belief is that if someone can't afford to pay their credit card  bills in full each month they are living above their means,   My philosophy is if I can't pay for it in full it means I can't afford it.  

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In many cases this is true but many people live paycheck to paycheck and sometimes things come up that we just can't avoid and you have to purchase whether you can afford it or not and can't pay it off in full.

I am in a position now to pay off each month but certainly when I was young with small children and all the expenses even though I had a good job and didn't randomly spend I couldn't afford to pay it all off each month. 

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Some people forget that they aren't the only people in the world and the way they manage their lives doesn't necessarily extend to others who may not have the same privilege. Then there are others who, despite being poor, down on their luck and the recipients of government benefits, will still back corporations who rip off consumers because they've been convinced to act against their own best interests, taking sides with those who secretly despise and mock them. Its very sad.

With 45 million people paying late fees, the "I did everything correctly" folks are in the minority. 

[Teddixat]

@Lakelife62  I agree anf some people start these threads with subjects they know are meant to generate controversy.  This place is toxic.

[Boehm Collector]

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@Wsmom wrote:

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@Boehm Collector wrote:

My belief is that if someone can't afford to pay their credit card  bills in full each month they are living above their means,   My philosophy is if I can't pay for it in full it means I can't afford it.  

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In many cases this is true but many people live paycheck to paycheck and sometimes things come up that we just can't avoid and you have to purchase whether you can afford it or not and can't pay it off in full.

I am in a position now to pay off each month but certainly when I was young with small children and all the expenses even though I had a good job and didn't randomly spend I couldn't afford to pay it all off each month. 

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@Wsmom ,  I agree that there are situations where people need to charge the basics during difficult times and cannot afford to pay their credit card bill in full   However, that is not the case for the vast majority of people who carry credit card debit.  They just over spend for things that are not necessary knowing they can't afford it and don't want to take the time to save up for the item because they just have to have it now.  

[Greeneyedlady21]

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@Cats3000 wrote:

Not the business of ANY government at any level.  Don't like fees?  Don't encounter them.  Pay in full by the due date.  Or, move to another card.  Don't need the government doing for me what I'm perfectly capable of doing for myselif.

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But it is the government's business to regulate private health and life decisions of human beings. Um, ok

And they shouldn't go after grocery stores, oil and gas companies, or any other business that is price gouging in order to rake in record profits.

Typical thread full of judgmental double standards 

[Greeneyedlady21]

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@Teddixat wrote:

@Lakelife62  I agree anf some people start these threads with subjects they know are meant to generate controversy.  This place is toxic.

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It's all politically slanted, that's the motivation 

[Greeneyedlady21]

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@Lakelife62 wrote:

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@Wsmom wrote:

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@Boehm Collector wrote:

My belief is that if someone can't afford to pay their credit card  bills in full each month they are living above their means,   My philosophy is if I can't pay for it in full it means I can't afford it.  

---

In many cases this is true but many people live paycheck to paycheck and sometimes things come up that we just can't avoid and you have to purchase whether you can afford it or not and can't pay it off in full.

I am in a position now to pay off each month but certainly when I was young with small children and all the expenses even though I had a good job and didn't randomly spend I couldn't afford to pay it all off each month. 

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Some people forget that they aren't the only people in the world and the way they manage their lives doesn't necessarily extend to others who may not have the same privilege. Then there are others who, despite being poor, down on their luck and the recipients of government benefits, will still back corporations who rip off consumers because they've been convinced to act against their own best interests, taking sides with those who secretly despise and mock them. Its very sad.

With 45 million people paying late fees, the "I did everything correctly" folks are in the minority. 

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Bravo, you nailed it 

[Love to Run]

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@willomenia wrote:

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@Lakelife62 wrote:

This is a prime example of the government working for the little people. Excessive late fees impact 45 million people every year. If you are one day late making your payment, credit card companies charge $35-$45. They are making billions and it's a huge rip off of the public.

I love how the peeps whine about the government being involved until it comes to their social security, medicare and the price of eggs and cat food. Then it's a catastrophe and someone needs to "step in". Anyone complaining about the government cap on insulin costs? That big  pharma will raise their prices somewhere else?

I guess when you get yours from the government it's a-ok. Anybody else can go fly a kite.

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Comparing food fees, which everyone needs food, to credit card fees, which nobody needs just has, is totally ridiculous,. This is just a ploy for the present government to get poor people votes. Smarten up America!

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@willomenia Some poor people actually use their credit cards to purchase food and medicine. As for baiting voters, the same could be said for Covid relief checks. Let's agree to follow the rules and leave politics out of this.

[Love to Run]

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@gardenman wrote:

The numbers in a January 11, 2024 CNN article show that 3.19% of credit card balances were 30 days late. 2.21% were 60 days late, and 1.52% were 90 days or more late. Credit card companies will cease to exist if their customers don't pay them back. If a customer buys something on their credit card that costs $1,000, that $1,000 goes to the seller right away. The credit card company assumes you'll repay the loan with interest. If enough people don't repay, the credit card company will run out of money and be gone.

Those who do pay on time have to make up for those who don't making their costs higher. A smaller cap on late fees will just push more costs to those who pay on time and exhibit good financial behavior while letting those who don't exhibit good behavior face lower costs. I'm not sure how people think that's fair, but whatever. Do right and we'll punish you, do wrong and we'll reward you, may not be the ideal message to be sending.

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@gardenman How can those fees be "pushed" on to "responsible" people? I'm responsible, so I pay my CC bill balance in full. I don't pay interest. If everyone did like me they'd be fine. Oh wait, everyone can't do that. I guess they just aren't responsible enough.

[Greeneyedlady21]

I am a very responsible person, however circumstances in life beyond my control happened. Always had low balances and an excellent credit score.

I was the caregiver for my Mom who passed away from cancer, did that for over three years. Two siblings who did nothing. I lost over three years of personal income because of that, would still do it all over again for my Mom.

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Since then I have worked three jobs at different times, now it's two because I have one job that's better and pays more. One of of my siblings who is a horrible person is the reason that I can't sell my parents home four years later now.

I'm hard working and responsible, my credit card debt is what it is because of four years of high property taxes that I shouldn't have to be paying and I can't afford to just write a check. I'm not out buying expensive clothing, handbags, jewelry, cars, electronics , or anything else. I treat myself once in a while because I work for it.

Try not stereotyping people and try empathy, judge not lest you be judged. You never know someone else's life circumstances, and one day the same could happen to you.

I am loathe to post anything about my personal financial situation because of some judgemental and gossipy people here. But I'm so sick of the stereotyping and tunnel vision and lack of empathy.