I thought it was disgraceful! Our group was entering Kmart, and there were people there at a desk, and they were offering us two liter bottles of pop if we would fill out an application for a $5,000 dollar line of credit. How many people actually get that $5,000 loan? My instincts tell me that a fair number of them do. I think really poor people can get that loan and brazen their way out of paying it back by saying they are destitute. I guess the people offering the loans have some kind of quota of people they need to get signed up for the loans. I guess the loan providers win, and the destitute people win, but somebody has to be paying for those unpaid loans.
I find it best to keep only one credit card and always make sure I save up money first, before using the credit card for anything. If there’s a $20 book I want to buy on Amazon, then I make sure I have enough in the bank. Sometimes, there’ll be an emergency, and I have to use the card, but I try to keep money set aside if my micro breaks or something.
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I only carry debit cards, no credit cards for me.
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Bad idea in my opinion. If your debit card gets stolen they can take money and you can’t get it back. With credit you can report fraud and have the charges canceled.
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I would get a credit card but I lack credit due to a car repossession.
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I will have to remember that. I’ve been using a debit card. No telling who the lowlife was that wiped out my account, but I would really like to see them pay. People try to say that kind of thing is a victimless crime, but in my case they hurt desperately injured and sick people overseas. They’re real low lifes.
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I dont know the details of the loan, but the downside is probably sky high interest rates. Thats the case where i am in the uk, some loan sharks charge 1000% yes 1000% annual interest which is crazy and should be illegal imo.
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Yes, absolutely. I guess there are a lot of ways the banks could take advantage of this situation. Somebody has to get burned for it to work. People don’t just give away $5,000 chunks of money.
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