Wednesday, June 10, 2009

Quote of the Day

"Consumer credit is not the economies life blood, it's the cancer"

-Peter Schiff, author of Crash Proof, on the Daily Show with Jon Stewart


  1. I know some people who regularly use credit cards RESPONSIBLY. I know more people who regularly use credit cards IRRESPONSIBLY.

    I don't use my credit card very often. They are good for internet purchases and such because of their protections (just deny the charge). They are also useful as a second debit card if yours sometimes doesn't play nice. I also like them for stuff like plane tickets or vacations. Of course I already have the money to pay for these things. I use a credit card because I don't know exactly what they will cost. Saves on banking transfers to just transfer the exact amount that will be needed.

    Suppose they could be useful to float yourself a couple days but that is a dangerous thing which usually snowballs.

    The fundamental issue with credit cards is people spending more than they can afford to pay back then interest starts kicking their ass and things go downhill.

  2. TOR, I agree that its all about how you use it. But I think the vast majority of people today use it for way too much. Car, house, TV, furniture, dinner out 5 times a week. People just don't consider the thought of 'saving for things' any longer.


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