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by eudamoniac 39 days ago
At what point should a person be responsible for their own life? I wasn't taught a lot of things; I learned them with some basic googling. You can figure out how a credit card works with a few minutes of critical thinking followed by "I should look this up". Something I would expect a 30-40yo to be able to do, no?
2 comments
spopejoy 38 days ago
While you're looking things up, check out "predatory lending", and maybe the history of casinos. It's been recognized for centuries that lending money to someone with no ability to pay it back is morally wrong and, rightfully/normally, illegal.
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ElijahLynn 39 days ago
Once you realize what is happening it can take 20 years to get out...

It is predatory. Especially to hook teenagers on them at a young age.

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eudamoniac 39 days ago
It would be surprising to hear that someone obtained such a high line of credit that it took 20 years to pay off, while not understanding how credit works, but I guess that is possible
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HDBaseT 39 days ago
Disclaimer: I've never used a Credit Card and have no intention to do so.

I don't really see the complexity/confusion with credit cards and I struggle to see how people get into poor financial positions with them.

Credit Cards are effectively mini-loans. You spend $100 here, $200 there, they get bundled on a credit card which had an interest rate applied to whatever you purchase if not paid back by the defined date.

You can "win" on credit cards by always paying it back and reaping some of the rewards (discounts, points, etc).

You can "lose" on credit cards by paying it back late (incurring the interest+if applicable, late fees).

Am I missing something? That seems like the principal behind credit cards. People who get wrapped up in the credit system likely already are in a poor financial state, since they use credit to "get by".

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eudamoniac 39 days ago
Apparently some people don't understand some combination of interest existing or that the minimum payment is less than the interest owed or that you have to pay back the loan whatsoever. This is everyone else's fault, they insist.
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