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25 Responses to “Credit Card Slave, Consumer, or, Free?”
We have to change … We have to change the system, it;s not working and we have to do it now before the recession ends or things will go back to the way they were before. Life is about more than working and spending.
I have 2 credit … I have 2 credit cards that pay ME to use them. No annual fee, no interest if I pay my bill on time and a 1% to 5% cash rebate depending on what I buy. Carrying a balance on a credit card is the ultimate in financial stupidity. If you can’t afford to pay for something in CASH at the time you make a purchase, you won’t be able to pay for it when the credit card bill comes due either. Following that one simple rule screws the banks and lets you work the float to your advantage.
Good first step at … Good first step at the individual level. With the 1970-present wage freeze, though, businesses can’t sell us the increasing quantity of goods that we make for them at a profit if all we spend is our income. That’s the function consumer debt performed. (See recent vids by Richard Wolff.)
So if everyone suddenly becomes responsible, we’ll need to reorganize at the social level to accommodate it. Probably necessary anyway given the credit crisis. Maybe produce our own stuff to consume directly?
The fact that jobs … The fact that jobs are vanishing at an alarming rate greatly increases the credit card companies risk, hence increasing interest rates. The average person is quick to point out how “greedy” the credit card companies are, but most have no idea how risky unsecured debt to buy crap at the mall is. Most people should feel lucky to be getting any unsecured debt in these times.
Thank you for the … Thank you for the nice video, I do have many Credit Cards, but I do not have any outstanding, I found the credit card necessary to book hotels and rent a car. If there is a way to rent a car or hotel without a credit card, Please let me know.
IF you need a … IF you need a credit card to buy stuff,use your debt amt card that has visa or mastercard logo or buy a prepaid credit card.25% interest is highway robbery.
I have been buying … I have been buying ETF’s like DBC and DYY ie commodities funds as an inflation hedge. This also plays into population growth and etc. Do you have any thoughts on this ?these ETFs have been destroyed…..so maybe a bounce or a long term hold…..your wisdom appreciated
I really hate how … I really hate how the companies make it simple for anyone to get credit card with only soc. security # and name and no presense required. it’s really frustrating. My father addicted to debt got me at 10k worth of credit card debt by forging my name when I was younger, at least he has been making payments, i’m making him pay all. And i’m not going to risk him 5+ yrs in prison or sue cause its just a stupid mistake he made. After he pays all, i’m going to get credit freeze.
The usual rhetoric … The usual rhetoric is becoming old, but its just half of the total story. Becoming a non-consumer will snowball the problem. No consumers means no more jobs for a lot of Americanos. Credit isn’t bad. In fact, credit is one of mans greatest inventions. It’s just poor regulation of credit throughout decades that has put America in a tar pit of which it can’t escape….. or so it seems! I hope I’m wrong!
Debt is the chain … Debt is the chain that the banks use to get you to apply your own shackles. Debt is self-chosen bondage.
Pay down your credit cards.
Right on, Don!
http://www.donharrold.net
December 29th, 2009 at 3:32 pm
ROCK ON!!
ROCK ON!!
December 29th, 2009 at 3:32 pm
We need to use a …
We need to use a credit card so that Big brother can keep a better track of our whereabouts!
December 29th, 2009 at 3:32 pm
We have to change …
We have to change the system, it;s not working and we have to do it now before the recession ends or things will go back to the way they were before. Life is about more than working and spending.
December 29th, 2009 at 3:32 pm
if i use somebody’s …
if i use somebody’s credit card information could they track back to my computer
December 29th, 2009 at 3:32 pm
Thank you Don! Your …
Thank you Don! Your pearls of wisdom are very much appreciated.
December 29th, 2009 at 3:32 pm
Inspirational video …
Inspirational video. You’re a good man. Thank you from across the globe.
December 29th, 2009 at 3:32 pm
Hey, Don, you are a …
Hey, Don, you are a consumer. **shocked face**
December 29th, 2009 at 3:32 pm
Can’t disagree with …
Can’t disagree with that.
December 29th, 2009 at 3:32 pm
I have 2 credit …
I have 2 credit cards that pay ME to use them. No annual fee, no interest if I pay my bill on time and a 1% to 5% cash rebate depending on what I buy. Carrying a balance on a credit card is the ultimate in financial stupidity. If you can’t afford to pay for something in CASH at the time you make a purchase, you won’t be able to pay for it when the credit card bill comes due either. Following that one simple rule screws the banks and lets you work the float to your advantage.
December 29th, 2009 at 3:32 pm
Good first step at …
Good first step at the individual level. With the 1970-present wage freeze, though, businesses can’t sell us the increasing quantity of goods that we make for them at a profit if all we spend is our income. That’s the function consumer debt performed. (See recent vids by Richard Wolff.)
So if everyone suddenly becomes responsible, we’ll need to reorganize at the social level to accommodate it. Probably necessary anyway given the credit crisis. Maybe produce our own stuff to consume directly?
December 29th, 2009 at 3:32 pm
Good message.
Good message.
December 29th, 2009 at 3:32 pm
Comparing consumers …
Comparing consumers to pigs is an offensive slur to swine everywhere.
Pigs consume our to produce bacon, a noble endeavor in all respects. Credit card users consume our savings and produce bankruptcies.
Big difference, Don, and I think you owe an apology to lean hogs everywhere.
December 29th, 2009 at 3:32 pm
The fact that jobs …
The fact that jobs are vanishing at an alarming rate greatly increases the credit card companies risk, hence increasing interest rates. The average person is quick to point out how “greedy” the credit card companies are, but most have no idea how risky unsecured debt to buy crap at the mall is. Most people should feel lucky to be getting any unsecured debt in these times.
December 29th, 2009 at 3:32 pm
How many cards do …
How many cards do you have Don?
December 29th, 2009 at 3:32 pm
Thank you for the …
Thank you for the nice video, I do have many Credit Cards, but I do not have any outstanding, I found the credit card necessary to book hotels and rent a car. If there is a way to rent a car or hotel without a credit card, Please let me know.
I will really appreciate your reply.
Thank you and best regards
December 29th, 2009 at 3:32 pm
IF you need a …
IF you need a credit card to buy stuff,use your debt amt card that has visa or mastercard logo or buy a prepaid credit card.25% interest is highway robbery.
December 29th, 2009 at 3:32 pm
Max out the cards …
Max out the cards then ask them to substantiate their loss. They can’t . They just create the 1’s and 0’s.
December 29th, 2009 at 3:32 pm
I have been buying …
I have been buying ETF’s like DBC and DYY ie commodities funds as an inflation hedge. This also plays into population growth and etc. Do you have any thoughts on this ?these ETFs have been destroyed…..so maybe a bounce or a long term hold…..your wisdom appreciated
December 29th, 2009 at 3:32 pm
There was a great …
There was a great Saturday night skit with Steve Martin who couldn’t understand why he couldn’t buy stuff he couldn’t afford.
Japan used to consider the use of credit, a shaming experience. They’ve flipped over watching big brother US around 1990
One area we need to change, is downgrading home mortgage scores, because you pay off credit cards monthly.
THAT is the most unreasonable of all guages, and each mortgage maker needs to be taken to task.
December 29th, 2009 at 3:32 pm
“There are two ways …
“There are two ways to conquer and enslave a nation.
One is by the sword. The other is by debt.” – John Adams
December 29th, 2009 at 3:32 pm
I really hate how …
I really hate how the companies make it simple for anyone to get credit card with only soc. security # and name and no presense required. it’s really frustrating. My father addicted to debt got me at 10k worth of credit card debt by forging my name when I was younger, at least he has been making payments, i’m making him pay all. And i’m not going to risk him 5+ yrs in prison or sue cause its just a stupid mistake he made. After he pays all, i’m going to get credit freeze.
December 29th, 2009 at 3:32 pm
The usual rhetoric …
The usual rhetoric is becoming old, but its just half of the total story. Becoming a non-consumer will snowball the problem. No consumers means no more jobs for a lot of Americanos. Credit isn’t bad. In fact, credit is one of mans greatest inventions. It’s just poor regulation of credit throughout decades that has put America in a tar pit of which it can’t escape….. or so it seems! I hope I’m wrong!
December 29th, 2009 at 3:32 pm
Debt is the chain …
Debt is the chain that the banks use to get you to apply your own shackles. Debt is self-chosen bondage.
Pay down your credit cards.
Right on, Don!
December 29th, 2009 at 3:32 pm
Right on the mark …
Right on the mark Don. We need to stop being a consumer and find a way to become a producer.
December 29th, 2009 at 3:32 pm
Get a DEBIT card. …
Get a DEBIT card. Screw the banks.