soon we will be paying their credit cards

[jvitez]

I agree with most of the above posts, except I still don't consider my self a freeloader with paying off my credit cards every month and not incurring interest. Why? Because my use of a credit card gives the card company their percentage charge on the transaction. If I paid cash, they would get nothing. So they still are making something. Just not an exhorbitant sum.

I have seen the loosening of credit stardards in my own life. As a university student with a piddling part time job, all I qualified for was a $500 limit Husky station gasoline credit card. When we built our house almost 3 years ago, the banks wouldn't DECREASE the line of credit they authorized when I went apoplectic at how much they allowed. "You say I can borrow HOW MUCH?!" Good thing I was disciplined enough not to use it all. Yet students in professional faculties nowadays are thrown credit cards, preapproved for huge lines of credit, practically begged to please borrow. We sow what we reap.

 

[mcmd]

I expect I will have to start paying something to use my card under the new system. I am fine with that. I don't see any reason I should be able to use other people's money for free and I am amazed that the system has developed the way it has.

If interest is to be assessed from the date of purchase in lieu of the due date, I'll go back to paying by cash or debit. I suspect this will not happen, as it will mean that the credit card issuers will lose out on the fees they assess retailers. The "non-deadbeats" will sadly continue to be the losers of ill use of credit.

Also, just what the economy needs, another reason not to spend.