Should you credit?
Filed under: Hmmm
I have been wondering about where credit cards are going now. I know that in the states they are working towards more regulations for the credit card industry, regulations that are supposed to protect the consumer. I know I have mentioned the companies response to these and what I thought of them. I can see what they are saying but I am sure that greed is a part of it.
I know a lot of people have put many things on their cards now, especially when it is often the only choice if a person wants to continue eating or feeding their family. It is a bit sad that currently the card companies can raise the interest rate on a card almost at their whim. That can pretty much kill someone who is scraping by with minimum payments (something you shouldn’t do if you can avoid it) and all of the sudden has to come up with even just a bit more monthly.
People also wonder if it is worth getting another card when the credit companies seem to not be as fair as they could. I think it really depends on your situation. As I understand it a new card will affect credit because it is new and because it will show as not being open very long but I think if you have other accounts that are much older and in good standing, opening a new one probably won’t hurt much or for long. Even now there are quite a few good deals to be had from a credit card account, as long as you can use it as you want and not as you need. I think that may be a big problem now, the fact that many people now have to use their cards because of need.