What about $40k for college fees? I don’t understand your point there, qwerty.
So what if everyone uses credit cards to purchase what they need…I know I do so I can earn points/miles/cash. However, I know (as everyone else should) that I will have to pay that money back with interest and that I shouldn’t buy what I cannot afford. Nothing in this world is free.
You’re saying the point is that people who “don’t have the experience to understand how quickly debt can pile up are targeted”. Sorry…no sympathy. All someone has to do is ask themselves right before they swipe that credit card, do I have enough money to pay for this? Not rocket science.
I will give in to one argument you are making…banks make a killing off people who are naive enough to get into debt over their heads. However, there is a risk/return ratio that you have to consider. Those who are late and aren’t paying their bills are a much higher risk to the bank, so they should be charged a higher rate and fees for NOT LIVING UP TO THEIR END OF THE CONTRACT.
