Coming Credit Card Industry Collapse Crisis

There are also all sorts of "anti-discrimination" laws in place. So many that most people could barely imagine or fathom.
These laws prevent credit card companies from denying business or charging higher interest rates to the groups of customers who they know are likely to not pay back the loan.

Of the course all the other customers end up having to pay for that.

It's true the credit card companies are predatory and put huge numbers of people into debt slavery, but it's also true that half of this is to pay for the freeloaders, who frivolously borrow money and will never pay it back.
Like I said, in most cases the credit card companies know who these people are but laws stand in the way of them doing anything about it.

There's a lot of stupid & irresponsible people out there who see no problem with ruining their own credit rating so long as they can spend lots of money and not have to pay it back.

 

Keep in mind someone is paying for those benefits, and those are careless or irresponsible customers who rack up large debts and have to pay the very high interest rates.

In the bigger picture, these cards aren't really providing much of a service to humanity.

 

Well, I’m all about individual freedom and personal responsibility. Someone else going into debt of their own free will is not my problem. I’ve no desire to create law that limits what a person can’t do, anymore than I’m willing to legislate who is allowed to loan who money.

 

Laws affecting debt and contract law go beyond what one person is "allowed to do", since contracts involve and require government to enforce those contracts.

This isn't about limiting what a person can do, but limiting what obligations government will impose on them long after they have agreed to the deal.

 

Exactly. A lot of people operate the same way. I never use my debit card.

 

They're a good way to maintain and build credit. Use it frequently and always pay it off and you build a history of loan repayment reliability. It will become easier to get other types of loans.

But ya, I don't do that with mine. I hate loans. I keep one around for emergencies, like when work forgets to put money on the company debit card or my yearly 'someone tried to buy a TV at walmart with ur debit card, so we've cancelled it and you'll get a new one in about a week.'

 

I have 20 of every tool because I can never find any of them buried in my piles of redundant tools...

 

You should see the inside of my shed. My dirt bike lives there as well as two motorized bicycles and a couple of other bikes.

I know I've got this tool or that part but I also know that it's going to take me about 40 minutes to find it in that damn shed.

But I'm happy enough. It's one of those small shed in a box deals and it actually survived hurricane Ian last year which was completely amazing.

I was expecting the mobile home to blow down and came home to find it intact and was absolutely amazed to find the shed !

A man can never have enough tools. Even an elderly old lady needs a kitchen drawer with basic tools for household tasks

 

Finally solved that problem by building my own custom tool cart. It is about 5' high and on wheels so I can move it to wherever I am working on a project, otherwise it lives in the garage. I can literally lay my hands on whatever tool I need whenever I need it now. I also purchased a heavy duty container on wheels for the heavy tools so that they are all in one place. I keep the bits and blades together and have used those magnetic strips along the outside for odd shaped tools that otherwise take up too much room. In addition I spray painted the tool keys bright yellow so that I can see them easily when I need to change bits or blades. I made no attempt to make it look like one of those expensive mechanics tool carts because I don't need to lock my tools up, I just need them to be available when I want them.

That inspired me to build a firewood cart for the winter that can trundle between the fireplace and the wood stack. The base contains a push/pull through drawer large enough to hold firestarters, lighters, gloves, etc. Made that base part extra rigid because of the forces that are applied when wheeling the full cart. Used maple so that it has a presentable finish in the living room. So much easier than having to refill a wood box.

 

I've noticed in the last month or two that 2 of the restaurants I go to are now giving a discount for paying in cash, which I do. Less than a dollar for an average lunch, but it's a sign.

 

Consumers like using credit cards.