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I work for a local fianancial company that offers credit cards. Unlike many of our competitors, we are strict with following the guidelines set out in verifying an applican'ts information, including the ability to pay.
We provide a great deal of information to our applicants, including all fees that could be accrued. Unfortunately, many people just toss their information, don't use the card wisely, then get upset when they are charged fees.
This isn't only a problem with the credit card companies (though there are problems with those mentioned who are targeting young people) but with the education of the population as a whole. Why aren't we teaching responsible money management in school? People should understand that when they buy a pizza for $10 and are charged 15% interest they are actually paying $11.50 - and that is only if it is paid on time. Put it off for a year and that pizza could cost you $50!
posted 3 years, 11 months ago
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