Re: Today's Two Minutes Hate



On Mon, 2 Feb 2009 13:53:55 -0800, "Ernie Jurick"
<invalidexample@xxxxxxxxxxxxxxx> wrote:


"trudogg" <independent@xxxxxxxxx> wrote in message
news:aando4l61l5srgmjks3ivbbo13vldusj04@xxxxxxxxxx
On Sun, 1 Feb 2009 16:43:41 -0800, "Ernie Jurick"
<invalidexample@xxxxxxxxxxxxxxx> wrote:

...it's an industry that needs to be heavily regulated. And it hasn't
been to date. I'd like to see most of it disappear.

Still, how can you blame companies for cc holders' extravagance?
Especially
when those holders are bombarded with advertising 16 hours a day?

...sure. There was a constant stream of cards going out in the mail
un-requested. They pump that shit on the teevee to this day. To
completely blame the consumer is disingenuous to a degree. All that
advertising is meant to wear down the will power or common sense of
anyone. Kinda like cigarette commercials back in the day...

You still had to make a conscious choice to accept credit cards as your
personal savior, just as you had to make a conscious effort to addict
yourself to nicotine.
-- Ernie


I don't completely agree with that characterization. Some of the
credit card companies are high pressure sales organizations that push
credit cards upon people that are not able to handle them well. One
of the more troublesome market is college students.

<http://www.businessweek.com/bwdaily/dnflash/content/sep2007/db2007094_967042.htm>

Then there is the subprime market:

<http://www.ftc.gov/opa/2008/06/compucredit.shtm>

Some people are truly inundated by pre-approved credit card offers:

<http://www.chicagotribune.com/business/chi-credit-chaos-zonejan28,0,7915192.story>

Heck, you can even start a business pushing credit cards:

<http://www.creditcardsystem.com/>

I recently watched a news special of confessions of credit card
pushers. They were a boiler room type operation, enticing people to
get their card. They got paid for credit cards sold. I don't have a
reference.

I don't have a problem with credit cards, but I do have a problem
with the predatory practices that credit card companies employ to
market, and sell credit to people that probably are not prepared to
deal with the issues. Honestly, it reminds me of carpetbaggers, and
the people that bought mineral rights from poor Appalachian
subsistence farmers. These are opportunists preying on those that are
less worldly than they are.

Some of that is certainly the individuals fault, but I find it
terribly difficult to feel sorry for a credit card company that
"sells" a person a credit card, and then has that person default on
it. Let the customers ask for it. Why is it necessary to "sell"
credit.
--

"In spite of the cost of living, it's still popular."
~ Kathy Norris
.



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