Sonia

Credit Card Cancer

An thought provoking article! It's true, we do consider unused credit card balances as "Rainy day funds" - a life saver when the car breaks down and needs extensive repairs while we're on a trip. The problem (as in the housing crisis) is the proliferation of credit to folks who cannot repay. We received a dozen or more offers every week for years, and offers addressed to Samantha - our cat. If I'd filled in her application with a pawprint I suspect she would have got a card. The companies covered their losses by charging 26% or more on balances that would never be paid, but it all looked good on paper, so the CEO's enjoyed fat bonuses. Now the chickens are coming home to roost.