On the other hand the people more on the fringe of the economy have far less options with a credit card. Banks are not interested in risk right now. We need more jobs, goes without saying.
The recession has sobered many people about using credit. I recently made a purchase on a credit card but here's the caveat. I have one year to pay off the balance at 0% interest. So in my mind its not so bad. Its really the only way I would use a card at this point, that could always change though...
CS Monitor: Credit card chasm: Some get great rates. Others cut off.
...Citibank is offering 0 percent introductory balance transfers for a full 21 months. Even when you factor in Citibank’s 3 percent balance transfer fee and ongoing APR, this means that someone with good credit can borrow money for 2 years at about a 3 percent rate.
As millions of Americans are getting cut-off and written-off by their credit card companies due to job losses, the contrast between the “have jobs” and “have-nots” is getting to be especially stark.
...it may be years before credit card issuers forget about the excesses of the credit bubble and throw out a lifeline to fringe borrowers again.
3 comments:
Those wihout jobs are the new scapegoats for everything. Not only are you to blame for being jobless now but your also now being considered morally and ethically defective. Why is this happening it almost defies logic since most people that are unemployed in the horrorendous Depression ( lets start calling it what it really is for millions ) are without work because stats clearly show their are 6 people for every available job these days. Simply put whatever reasons the people trying to place blame on the jobless for their situations are using are dead wrong about these causes. I think part of it is because the people doing the blaming need a scapegoat for this calamity one that diverts attention away from the real culprits. Add to this the inclination in this society for those without to also blame themselves even if they're not at fault and you have a near perfect storm.
Its an amazing thing in our culture, there are no causes or explanations for anything. It always begins at the moment. So banks have no problem scapegoating the poor and the jobless, most all of whom would prefer to work and be at least modestly well off. There is no analysis or vast understanding of these dynamics, plus the government is in the hands of big business as is the media. So what chance does the little guy ever have against that onslaught, none. That is the brutality of this society.
I like this guy with the tea party in Kentucky who stomped on the woman's head - he wants her to apologize to him. Can you imagine? Then his desire gets trumped up and echoed around by a bunch of hooligans and all of a sudden we have the truth, right.
Remember when Cheney's so called pal, who he shot in the face apologized for being in his way. This is what happens when your society has entered the twilight zone. These are shameless people.
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