Dateline NBC - Credit Card Debt Trap Part 8 of 10

[HillChris1234]

@headshot349 (no figures to back this argument up, but...) Most store-issued credit cards are bullshit. If your credit card was issued by a store, don't take it.

[RawhaantheFascinatin]

So technically, threaten all they want, they have no real power and your not even paying back the people you originally owed. Technically all this debt nonsense is a road to revolution. Boycott, I think I just might.... There arent enough threats in the world. The credit card companies have already accepted the loss when they sold your debt. Cut your losses to ladies and gents... Occupy wallstreet aint got nothin on this...

[HillChris1234]

@RawhaantheFascinatin I used to work for a company that did commerical mass mailings, and we were asked to send mailers all the time by credit issuers who were trying to cut deals with debtors to collect like half of the debt in the next year in return for exemption from the other half. Supply and demand. When debtors are broke, credit companies will have no debt to collect.  Or... we could teach kids the importants of fiscal restraint early in life and avoid all this...

[RawhaantheFascinatin]

@HillChris1234, Interesting point. I dont use credit at all, if I dont have the money to buy it with cash on the spot I just have patience. That too I would like to teach the kiddies early on... Thanks for the tip:)

[mycesi]

People go into debt for so many reasons. The blame can't be put on people when the creditors are giving them a ton of credit without any concern for if the people can pay it back

[1973mazdarx4coupe]

i dont care, if yorue dumb enough to use a credit, you deserve whatever shit happens to you when you cant pay.

[iraqidolphin]

People are not dumb when the number 1 reason for house forclosures : health care costs and unemployment. People live off credit cards in order to make mortgage payments

[lsnows]

Great special. Thanks for posting this.

Elizabeth Warren is one great American. She is to the 2000s and 2010s what Ralph Nader was in the 60s and 70s.

WARREN FOR PRESIDENT 2012!!