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If you could change or improve something in our credit system....

What would/could you change/ improve about the credit card, charge/card system and have great results where all of us would have said, ........" why did we not see this 30 yrs. ago.?????"

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Anonymous

Asked by Anonymous at 2:47 AM on Jul. 30, 2009 in Money & Work

Answers (7)
  • I dont know how good the results would be but i thinkthe system needs to stop punishing people for losing their jobs. ALot of people are in debt cause they had a good job and a couple of credit cards and then job loss or medical issues caused money to slow or stop coming and then they choose to pay rent over credit cards and you get behind etc and once your behind you never get caught up. I think if you can prove that you have no income you should be forgiven the debt or at least put it off until you have income again. You know send them something that shows no income coming in a certified letter from previous employer or lay off notice or something. and at the same time you should have to immediately report to the cc company loss of income. and then the card be frozen or cancelled so you dont drag yourself down further trying to pay bills on credit cards that you cant pay for.
    elananme

    Answer by elananme at 7:43 AM on Jul. 30, 2009

  • Bring back usary laws.
    rkoloms

    Answer by rkoloms at 9:51 AM on Jul. 30, 2009

  • So many are simply irresponsible. My husband like everyone else lost his job. We did not have credit card debt because we pay our cards off every month. We don't use them now we are living off my salary and his unemployment. We cut our budget and live within our means. We got rid of cable and our home phone. We don't eat out at all and have stopped going to movies. We spend a ton of time at home or camping this summer. We actually have managed to continue to money in savings. No credit card company has forced anyone to get a card and have never forced them to use the card. There should be restrictions on changing rates with no notice but other than that why should debt forgivness happen because of a job loss? They still owe the money and should have not ran so much debt up. Parents need to start teaching their kids how to be responsible would help them out a lot in life. We are doing that with our child.
    Anonymous

    Answer by Anonymous at 12:25 PM on Jul. 30, 2009

  • The system doesn't punish people for losing their jobs, the PEOPLE are the ones that got themselves into debt. A credit card is an unsecured LOAN. You borrowed the money, you agreed to pay it back no matter what. A borrower is the slave to the lender, unfortunately.

    If anything, maybe put into effect some options that would enable the people to request a freeze on payments and charges until they can get back on their feet with no more interest accrual. Of course, there is ALWAYS the protection insurance that every credit card company offers "in case of job loss or loss of income" that EVERY credit card owner has the option to pay.

    Two years ago we saw that credit cards and loans were very damaging to our finances so we DUMPED our credit cards & paid our balances off. Freed us enough that we were able to survive through 2 layoffs in the past year and not fall behind on any of our bills. I say get rid of them.

    michiganmom116

    Answer by michiganmom116 at 12:31 PM on Jul. 30, 2009

  • It's not the system that needs changing, it's the users. If people can't control themselves and live within their means, that's not the credit card company's fault. It's all about personal responsibilty--if you can't afford it, don't buy it!
    bethany169

    Answer by bethany169 at 1:00 PM on Jul. 30, 2009

  • I'm with Bethany and Michiganmom! We haven't had credit cards in a year and we are so much happier without them and don't have to worry about what happens if one of us loses our job. We don't buy anything unless we have the money for it. We are slowly working to pay off our cars as well just in case there is a job loss and we only have money to make the house payment. Like the others said, it's a responsibility thing. If you didn't have the money you shouldn't have bought it. The applicant/ cardholder agreed to pay the money back.
    mommystiebler

    Answer by mommystiebler at 1:22 PM on Jul. 30, 2009

  • I'm with bethany, michiganmom and mommystiebler - we haven't had an open credit card account for over 2 years and haven't used one for over 4. We only have our mortgage and my hubby's student loans (we'll pay those student loans off by 2011). We live on a little more than half of what he makes ($31,000/year) and I'm a SAHM. I have little sympathy for people who over-extended themselves, over-spent and knowingly bought things they knew they couldn't afford. I hate credit cards and will never have one as long as I live, because if you play with snakes, you're going to get bitten. If I could change one thing about the credit card system is to completely do away with it. There really is NO need for it because if you can't pay cash for it, you don't need to buy it.
    ReesesPieces

    Answer by ReesesPieces at 3:58 PM on Jul. 30, 2009

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