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Credit Card issuers Informative - Credit Card Addiction

Review by MEB on 2008-06-22
SOUTH CAROLINA -- I want to vent about banks/credit cards. These companies are not being held accountable for “pushing” yes like drug dealers credit cards that some people can not handle. Every day the credit card addict is enticed into submitting applications and using these cards to the limit. I want to know when this addiction is going to be taken seriously. It is usually dismissed as a character flaw but it is not it is a serious and destructive addiction. These companies prey on the mentally ill and addictive personalities. Because addictions can be a form of mental illness the bipolar person who falls prey to these companies may become so embroiled in credit card debt that families are hurt or even destroyed. We need regulations on the issuing of credit cards because these companies continue to give out credit cards even when a persons credit report shows the person is drowning in credit card debt.

Can’t they verify a persons income? They even have cards that are advertised and offered to those who are not credit “worthy”. When a person has maxed out credit card, after credit card, after credit card, and only manages to make the minimum payment an alarm should go off. Credit cards should stop soliciting these people. The situation can become critical even dangerous to the individual or their family. I have heard of divorces, suicides and domestic violence due to the credit card situation getting out of hand in some families. I want to know who I can get in touch with to work towards regulating, fining or even ending the business of the credit card “pushers”.

Thousands of families and individuals are being seriously harmed by overwhelming credit card debts that credit card “pushers” know can never be paid off.
Comments:21 Replies - Latest reply on 2008-06-24
Posted by Anonymous on 2008-06-22:
"It is usually dismissed as a character flaw ..."

I'd say that signing up for a card, getting into trouble with it, and then blaming the card issuer IS a character flaw. The card issuers send out invitations, not actual functioning cards. Someone has to voluntarily sign up.
Do we really need the nanny state stepping in to tell people when and how they can sign up for credit?
Posted by Anonymous on 2008-06-23:
In addition to Trixta's comment, it's the card issuers taking the risk. If the card holder is already mentally ill or addictive, chances are their credit is in the crapper anyway. What chance do they have of getting paid?
Posted by madconsumer on 2008-06-23:
it is called self control.
Posted by Anonymous on 2008-06-23:
Indeed there are people enslaved to their compulsions but it's not the credit card, slot machine or cigarettes fault. These type people will find an outlet one way or another. Whether it be credit cards, kleptomania or cutting. You just can't take the effect and make it the cause.
Posted by tnchuck100 on 2008-06-23:
I agree. It is the individual's responsibility to NOT apply. On the other hand, since the credit card issuer has access to the information that an applicant has poor credit they deserve to get stuck. The fact is the good customers pay the price for the card company's poor decisions as well.
Posted by samtheman on 2008-06-23:
This is a classic example of a prevalent view in our society. Too many people blame everyone else for their troubles instead of looking in the mirror.
Posted by MRM on 2008-06-23:
I have officially broken my New Year's Resolution which was to pay off my credit card to zero balance. It just keeps piling up! I know I have the will power to stop spending and pay off my credit card. I will focus on my goal starting right now!
Posted by Ponie on 2008-06-23:
All your cards are maxed out, right? How many months' late are you with your minimum payment? Don't know how to say 'No?' Toss out from your home all pens and pencils so you can't sign that next application.
Posted by MRM on 2008-06-23:
Ponie, I use only 50% of the card. Which is still good in terms of my credit worthiness.
Posted by Anonymous on 2008-06-23:
I see your point Ponie. It's like smokers who keep lighting up one after another even though it's slow suicide. Insane, huh? You gotta wonder why they don't just toss all the lighters and matches out so they can't light up.
Posted by Ponie on 2008-06-23:
MRM, sorry if I didn't make this clear. My comment was directed at the poster, not you. Wish you luck in getting back to your New Year's Resolution. It's tough, but you can do it. :)
Posted by MRM on 2008-06-23:
Ponie, I was jumping in on your conversation:) I wish to pay off the whole balance before Xmas rolls around.
Posted by Anonymous on 2008-06-23:
Credit card companies are in the business of making money and some of them are really crappy. It seems like everyone wants to blame someone else for their shortcomings. You max out your cards and bury yourself in debt? You've got no one to blame but you. I was once 18K in the hole with credit cards. I paid them all off, too, in six years. Who should I blame? I look in the mirror.
Posted by Anonymous on 2008-06-23:
While I don't agree that CC companies should be held responsible for one's spending habits and inability to control themsevles, I do agree that it is far too easy to get a credit card - and far too easy to get into debt, especially for young people just starting out - the allure of being able to buy whatever they want and pay a minimum amount every month is very enticing. I too have been there and it took several years to pay off my debts and now I keep one card for emergencies only - real emergencies. If I want something bad enough, I save up until I can pay for it in full.
Posted by Ponie on 2008-06-23:
sherdy, good for you!
Posted by Anonymous on 2008-06-23:
Thank you. I find the best way to stay out of debt is to 1. define what's a need and what's a want, and 2, no store credit cards. I have two larger credit cards, no debt on either of them. One is used primarly for online purchases, and the other is used for emergencies.

It is too easy to get credit, and the crappy cards just sit there waiting to pounce with fees and extra charges. Right now, I have $35,000 worth of credit lines on two, just two cards. That seems ridiculous, but there are people who are hungry enough for "wants" to fill up that amount. Like I said before, just say NO.
Posted by old fart on 2008-06-23:
The word is compulsive... alcoholism, drug addiction, nicotine, spending, sex and who knows what else can all be compulsive behaviors and all require counseling..
As a non drinking alcoholic, I can attest to the fact that understanding the problem is half of the solution to the problem..My own excuse for smoking is that I gave up drinking and I'm entitled to ONE vice...at my age, who the h3ll cares....
Posted by old fart on 2008-06-23:
Sherdy has the right approach... Keep your cards locked in your safe and use them only for emergencies..
Posted by Anonymous on 2008-06-23:
Credit cards are a lawful lending product. Cigarettes are another lawful product. We don't need more of Grandma Government telling us what is good for us. If I stick a cigarette in my mouth and light it, I know I may become addicted. I have the same knowledge (and obligation for personal restraint) if I sign up for another credit card.
Posted by Nohandle on 2008-06-23:
MEB, I quite frankly found your post quite interesting. I personally feel the government has become too involved with making decisions for the citizens. When one reaches adulthood he should be responsible for the decisions he makes, no one else.

We cannot continue to blame someone else for the situation we find ourselves in. We really have to look in the mirror and blame that person. We spend beyond our means, find ourselves deep in debt, and want to blame someone other than ourselves.

Lets quit expecting Uncle Sam to take care of every problem we have. Before long we will have no rights, no freedom and will wait around for permission to do anything. I don't want someone in Washington to decide what I do with my life. I'm fully capable of making that decision for myself.

Your post was food for thought as to what might eventually take place. I pray it never does. Best Wishes.
Posted by old fart on 2008-06-24:
XbiceyX...LOL.... your use of the old drinking salutation "cheer's" was appropriate...
Toward the end of my drinking career, My "cheers" were pretty darn cheerless..

Avoiding the calls of credit card collectors and hiding behind the answering machine or ignoring the mailed collection notices is also pretty darn cheerless too..
If you've exceeded your limits and cannot control your spending, GET HELP!

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