Credit Card Companies - The Catch Twenty Two

I’m sorry, but the credit card system is a joke. It is getting harder and harder for me to read any more articles in regards to credit cards or the credit crisis. I agree, not to carry balances on credit cards, but for too many folks there is no other way around it. I still stand firmly behind the ideology, if you can pay off your credit cards every month – You don’t need a credit card. Pay with a debit card, or cash. Credit cards were established to buy high-ticket household appliances, like refrigerators. You receive credit from a store and then overtime pay off. That was the idea-initially, but then some greedy SOB learned how to make money off of people who are in debt. TA-DAAA.

So often we blame the consumer by saying, “We spend too much.” Perhaps that is true, but then it is the banks and lenders who go out of their way to keep us in debt. Washington Mutual continually increased my limit, without my consent and yes that money came in handy, but it also put me into debt. Now they continually increase my interest rate and told me that it is not their business to help me pay down my debt. What is the point in that? The point is, me not holding debt, is less money for Washington Mutual. They want me in their debt. How responsible is this?

I had several credit cards and I wanted to reduce the number of them. I called to close my Capital One account, so I could be a more responsible credit card holder. Keep and manage credit on two cards instead of three. When I did not want to listen to the sales pitch of Capital One customer service agent, he HUNG UP ON ME, and never closed my account. Unaware my account as never closed, a charge appeared on my next bill and when I called, (and spoke to an outsourced Indian customer service representative, whom I could barely understand) they had to nerve to tell my account was never closed. When I tried to do the responsible thing and be a responsible consumer, Capital One hung up on me.

I am not an advocate to get rid of credit cards. I am an advocate for playing fair. If consumers need to put a lot of money on credit cards, for god sake make it possible to pay down debts, without gross interest rates and do not special offers for discounts to encourage additional spending. And do not promote using your card to “Live Richly.” Credit card companies are grossly irresponsible and I think everyone needs to be aware, it’s not us-it’s them.