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Maybe my brain is wired differently, but | by shminux | 2005-03-08 18:04:53 |
| I don't understand either. |
by niwikki |
2005-03-08 18:15:37 |
Of course, I just today received a notice from my credit union that because of my credit history they've upgraded my credit card to "platinum" status and lowering the monthly rate. I haven't used that credit card since June, and I never carry a balance (never have during the 10 years I've been using credit cards) even on the cards I still use. Monthly rates mean nothing to me.
That said, some people feel the need to buy things that they don't have enough money for. Personally, if I couldn't cover it out of my checking or savings account pretty much immediately I wouldn't buy it (I just use the cards for convenience and so I can keep the money in my accounts to earn interest during the grace period)... but some people need or want the immediate purchase when they have no means of actually paying for it and that's what they use credit for.
Sometimes it truly is a necessity to spend on something when you don't have the immediate funds available. I haven't yet been in that situation, but I've been lucky. I can very well see myself potentially getting into that situation.
And payday loans couldn't possibly be 60% interest. That'd be usury, which is illegal. Of course, you were probably exaggerating to make a point, so I'll leave it alone. |
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[ Reply ] |
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For truly a necessity, there ought to be a credit | by shminux | 2005-03-08 18:25:08 |
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I don't think he's exaggerating | by DesertRat66 | 2005-03-08 18:28:48 |
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The loophole is... | by esbita | 2005-03-08 20:21:18 |
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