Shocked by credit card fees? Give me a break!

August 1, 2007 at 3:26 pm 7 comments

I don’t know about you, but I’m sick of reading article after article from news sources griping about how credit card rates and fees are hurting the American consumer. In the word’s of John Stossel, give me a break!

These ‘victims’ signed the dotted line. They swiped their cards when they were, more likely, buying something they couldn’t afford. And, I’m getting tired of these people expecting some miracle government legislation to fix their rate and late fee woes. I mean really. If you want to avoid getting hammered by credit cards, maybe you ought to not use them.

I’m not saying that credit card companies are not in the wrong here. Not in the least. But, it takes two to tango. The consumer has equal fault in this matter. You can’t get ripped off if you’re not playing their game. ‘If you play with snakes, you’re gonna get bit.” (Dave Ramsey)

I for one am sick of reading this crap. I’m not gonna sit here and wait for the government to fix my problems. That’s my responsibility, and no one else’s.


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Entry filed under: Credit Cards, Soap Box.

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7 Comments Add your own

  • 1. Triston  |  August 3, 2007 at 7:52 am

    Consumers need to get their head in gear when it comes to spending and financial planning but you’re right…it takes two to tango. Credit card companies sure do make it difficult to understand the card agreements and some fees, like interchange, are hidden. The average family spends $300 a year on interchange fees by way of higher prices.

    I’m working with the merchants payment coalition and we’re raising awareness about the high cost of interchange fees, the biggest credit card fee most have never heard of.

    Reply
  • 2. Travis Roberts  |  August 7, 2007 at 8:18 pm

    Great point, I agree! What happened to personal responsibility?

    Reply
  • 3. Rebecca Reid  |  August 30, 2007 at 10:24 am

    What’s more shocking is that merchants claim they’re getting squeezed by the interchange fee, which is basically the cost of doing business, (i.e. the processing of an electronic transaction) yet Target Corp. releases an increase in sales by 13% in their second quarter and attribute those earnings to increased use of the Target Store credit card by consumers. And get this quote in American Banker:

    “Douglas A. Scovanner, Target’s chief financial officer and an executive vice president, said the credit card operation’s revenue growth was ‘driven in part by the beneficial impact of late-fee income.’ Late fees are assessed based on the outstanding balance after a 25-day grace period.”

    So merchants are telling Congress they want more regulation (more government intervention) and want to penalize the very customers they draw into their store (by accepting credit cards) with check out fees. Yet – when THEY can make money off of their own cards and card fees, they’re loving life.

    Consumers need to let Congress know they won’t tolerate check out fees or merchants who want to limit their card choice.

    Rebecca Reid
    Americans for Consumer Education & Competition

    Reply
  • 4. Paul  |  November 2, 2007 at 7:12 pm

    chaka42, yes ultimately we are responsible for our lot in life. This ties into the mortgage meltdown as well. Everyone needs to read the fine print and look into the future consequences of their actions.

    Reply
  • 5. Liza Jolie  |  November 15, 2007 at 2:18 am

    Hi Chaka42,

    You have raised a great point here. Step into a trap is really a fault and this we do out of our impulsion. I think this should be cut out from us. I really like this post. I want to make one review of this post at my community can you please allow me to do the same.

    Thanks,
    Liza

    Reply
  • 6. Idetrorce  |  December 15, 2007 at 6:25 pm

    very interesting, but I don’t agree with you
    Idetrorce

    Reply
  • 7. Mike  |  March 7, 2008 at 10:10 am

    Most store cards have really high interest rates, becuase they have to offset the discount they give you with the card. Store cards can really be more dangerous then regular <card

    Reply

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