"Chuck" wrote in message . com...

Ya know... I didn't say that paying the balance off was a bad thing. I guess
what kinda ticked me off about your post was you said that people were
idiots or suckers for not paying the balance. I merely pointed out that some
people can't do that.

And those people are suckers. If you borrow money at several times
the going interest rate (which is what you'll eventually do if you
carry a balance), you're a sucker. The interest rate and fee
structures that are currently allowed, were considered loan sharking
in the recent past, a practice that was relegated to mostly criminal
organizations.

I saw a recent interview where a Harvard contract law professor was
asked to explain (in layman's terms) an average cardholders agreement.
Although the average consumer is supposed to know what is contained
in a contract, she said she wasn't sure about all the details herself.
On top of that, what she did ascertain is that the average
cardholders agreeement gives the card issuer the right to charge
whatever rate they want, and to change it with 15 days notice, usually
by means of an insert full of small print with your bill. So even if
you accept a bank's offer of a card for 1% interest for six months or
whatever, there is really not much keeping them from bumping your rate
(and making money) any time they want. The agreements are set up to
give the issuing bank a ridiculous advantage in every aspect of the
transaction. Borrowing money under those terms is truly a sucker bet.

I've almost never kept a balance on a credit card. If I can't get a
real loan (i.e. bank loan with reasonable terms), then that means I
probably can't afford whatever it is I want to buy.

John Galban=====N4BQ (PA28-180)