CREDIT CARD REVOLUTION!!!!

iVillage Member
Registered: 12-29-2008
CREDIT CARD REVOLUTION!!!!
9
Wed, 05-06-2009 - 10:16pm

I don't think think this is a very realistic approach, but I found this article fascinating.

iVillage Member
Registered: 01-25-2009
Wed, 05-06-2009 - 11:01pm

I have major problem with the writer using the expression "The impact of our civil disobedience will be immediate". It distorts and cheapens the meaning of civil disobedience. Thoreau coined the term as a reaction to slavery and the war - at that time Americans had no choice. A slave could not choose not to be a slave, and a man being drafted could not choose not to fight the war. It was a concept later on employed by great men such as Mohandas Ghadhi, Dr. Martin Luther King, Jr., and Nelson Mandela (at least during his initial struggle against Apartheid).

We all have a choice not to get a credit card. We also have a choice not to carry a balance. It is up to each person to decide how to deal with his or her credit card problem, it doesn't matter much to me, just please do not call non-payment civil disobedience.

(Since lately everyone is so sensitive, please be assure that I am not directing my discontent to you, just whoever wrote that article. And also set the record straight in case we have any youngsters reading this board).

iVillage Member
Registered: 12-29-2008
Wed, 05-06-2009 - 11:35pm

Hi Marie,


No, I didn't take your response personally...but thanks for clarifying that point!


I tend to agree with you.

iVillage Member
Registered: 11-17-2007
Thu, 05-07-2009 - 12:52am

I remember the days when you went to places like Household finance signed some loan papers and paid like 32% interest for two or three years.


I also remember when the first credit cards came out and they were for the very rich at the time. The common man like my husband could not get a credit card. Your family had to make bring home at least 30.000.00 a year We did not make that much money. In fact to this day we don't make enough to get an American Express card and we have great credit.


I remember the first credit card I got from the Lane Bryant store with a 300.00 limit and the interest rate was then 18% Now it is like 22% Every card we did get when we finally got

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 05-07-2009 - 9:35am

I didn't read the article but do agree with I remember the "old days" (I keep forgetting I'm not 20 anymore!

iVillage Member
Registered: 07-10-2003
Thu, 05-07-2009 - 1:22pm

To be honest I don't believe there would every be any potential that NO ONE would pay their cards.

iVillage Member
Registered: 08-04-2008
Thu, 05-07-2009 - 3:23pm

I guess I am not a revolutionary, I will keep paying.


Almost three years ago I was told to file bankruptcy, I didn't do that, just got




iVillage Member
Registered: 12-29-2008
Thu, 05-07-2009 - 7:26pm

I have enjoyed reading all the posts on this article.


Before I proceed, I want to be clear that although I DO have credit card debt, my terms are reasonable and locked-in.

iVillage Member
Registered: 07-10-2003
Thu, 05-07-2009 - 8:03pm

I must admit when I had to move 100 miles away from where I had been living just to keep my job, I did.

iVillage Member
Registered: 01-25-2009
Thu, 05-07-2009 - 9:54pm

Disclaimer: I have 4 credit cards, one is a corporate card/work related, one Amex I never use, it just sits in the filing cabinet, and I carry around one Amex with no pre-set limit and one Visa. I do not carry a balance on either one.

The first credit card I got is actually a no pre-set limit Amex back when I as a junior in college almost 20 years ago. It was in my own name, not an affiliate card from my parents' account. The beauty was I absolutely had to pay it off every month as carrying a balance was not allowed on that card. I think it helped me form some good habits. One thing I did (and I recall maybe one or two posters did similar things) was every time I charge something, I deduct it from my checkbook.

These days is it easier with all the online bill paying system. My credit union charges a flat fee of $5 a month and I can make unlimited payments. So every time I charge something substantial, I make a payment online within a week, and when the credit card bill finally shows up, it is usually quite manageable, most of the big items are paid for, I only have to pay for a latte here and there, a few books, etc.

I think convenience is certainly one reason for the rampant use of credit cards, and the internet era and explosion on online purchase also have a lot to do with it. Often I find much better prices on Amazon (great place to buy and sell text books) and some other online sources. I do not like crowds, so being able to do my shopping at home is a definite plus. It is rather difficult to do all that without a credit card.

As to the Amex, because I have aging parents halfway around the world, I need one with a lot of flexibility in case I need to jump on a plane (regardless of the cost of the ticket) and be there. Amex assured me that no pre-set limit does not mean no limit. I tested the system and so far they would let me charge close to $20,000 at one shot, which should be more than I need. It is an insurance policy of sorts.




Edited 5/7/2009 9:57 pm ET by marie_1229