A Question about Credit Cards.

[fxmercenary]

Ive been seeing alot of "experts" on the news lately, CNN, FOX, You name it. And whenever they have one of those "Financial Experts" on, they are all saying the same thing...

"Pay off your Credit Cards Fast!"

I find it very compelling, that given the whole financial market is collapsing, they are sending these guys out and are actually encouraging people to take whatever money they have and pay off their debts in full...

Credit Card companies make their money off of those that make minimum payments..

So whats really going on here?

Settle your debts before you starve?
We are leaving the Country, give us what you owe us?

Ive got a bad feeling that they know something really really bad is about to happen.


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Or will the Government eliminate all debt owed, and they wan as much as possible before that happens?


Any ideas guys?

 

[forsmant]

Credit got us into this mess. Eliminating a lot of it will make it easier for you to live day to day.

 

[sevin]

I find it very compelling, that given the whole financial market is collapsing, they are sending these guys out and are actually encouraging people to take whatever money they have and pay off their debts in full...

Credit Card companies make their money off of those that make minimum payments..

So whats really going on here?

Interesting. I thought the idea was that once the credit industry is overhauled and things get back to normal in a few (or many) years, people with good credit will be able to get loans, and people with poor credit will be screwed. In other words, people will finally get what they deserve. But that's just one theory.

Another theory is that even though they make money off those minimum payments, right now they're desperate and want as much money back as possible immediately.

On the other hand, if inflation gets out of hand, why not charge up all you can so you can pay off your debt with cheaper dollars next year?

hmmm...

Sorry, that probably didn't help. :o

 

[The_Orlonater]

You should always pay back, but not all at once. Don't blow your savings, and pay it back.