Why do you all sometimes have more credit than you could ever reasonably use?

[wa3more]

whatever- believe what you and cherry the facts.....

[iv]

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@jamie123 wrote:

There is a reason that consumer economics is not taught in our schools. Bankers need a certain percentage of gullible people.

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Not sure what schools you're dealing with... but around here, we made "Personal Finance" a mandatory HS graduation requirement years ago.

Not that everyone pays attention, remembers, or actually applies what is taught.

Also, keep in mind that without any "gullible people"... you wouldn't be seeing 2-3% (or 6-10%) cashback offers on cards...  It's not just "bankers" that are making money off those who continually revolve debt.

[wa3more]

iv,

good post. Actually Liz Warren wrote a good book something about the 2 family income trap. In it , a bank CEO said their business model is that they make the most money on late fees, penalties and high interest after people are late. You know how the 2.99% rate escalates to 27% ? That's the model.

[Anonymous]

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@wa3more wrote:

whatever- believe what you and cherry the facts.....

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Don't get frustrated. People have different opinions and read different information. As long as we aren't giving each other blatant incorrect doesn't exist information, then no worries.

[wa3more]

thanks donny. I don't call names and respect other opinions. The facts I quote are accurate and i speak from experience.

I am frustrated. Trying to give others the benefit of my 35+ years of experience -investing/financial/accounting. Only thing worse was when a 25 year old basically told me to stick it and then a year later loses her job and i had to help her fight BK. She told me early on " i know what I'm doing " then comes back and says " i guess i was overextended ".

If i can help some of these young people and make a difference with someone, then it is worth it. Been there, life hit bottom in 2009. Just avoided BK and last 30 day late fell off couple months ago.

[Anonymous]

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@wa3more wrote:

thanks donny. I don't call names and respect other opinions. The facts I quote are accurate and i speak from experience.

I am frustrated. Trying to give others the benefit of my 35+ years of experience -investing/financial/accounting. Only thing worse was when a 25 year old basically told me to stick it and then a year later loses her job and i had to help her fight BK. She told me early on " i know what I'm doing " then comes back and says " i guess i was overextended ".

If i can help some of these young people and make a difference with someone, then it is worth it. Been there, life hit bottom in 2009. Just avoided BK and last 30 day late fell off couple months ago.

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Just keep doing what your doing.

[wa3more]

thanks for the support.