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Originally Posted by shesus
I have stopped using credit. I'm riding out my 7 years of shitty credit, which is situational and immaturity based. I'm not proud of it, but I've learned from it.
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I'm riding out my student years quite slowly. I didn't miss the "Don't live beyond your means," but that can be read as "Don't make your credit payments more than you can afford."
I generally took issue with the other items because of their shortsightedness and falseness. (Rackets are illegal activities.)
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I say credit card companies are a racket. Anyone who has done some research on them knows that. The only reason it is legal is because the companies lobbied congress in order to screw people who use them. They prey on people at age 18, entering college, when they are unaware of the entire process. Having a ceiling of 30%+ APR on a credit card is a racket, legal or not.
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The contracts are legally binding. It might seem predatory, but the students were in essence told what they were getting into. I don't like it either, but calling it a racket is extreme. That does little for the situation if you want to talk about advocacy or education. The environment for screwing may have been created by the companies, but the users are the ones who screw themselves.
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Watch Maxed Out! if you want to see some of the effects credit is having on people.
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Thanks for the recommendation. I just might take you up on it.