[Rhodes22-list] for your consideration - credit cards

[Robert Skinner]

It is on the list of options, near the top.
/Robert

Herb Parsons wrote:
> 
> Robert, why not just send them their card back, in pieces. That's the
> best option when you don't like the way a company is doing business...
> 
> Robert Skinner wrote:
> > Something more for consideration:
> >
> > I have been using a Bank of America credit card for
> > 20 years, and have always paid by bill on time.  I
> > used to have 25 days to pay the bill.  They have
> > made a hell of a lot of money from me - about 5% of
> > everything that I have bought over that time.  But
> > now that is not enough for them.
> >
> > Recently they have tightened up their terms to 20
> > days.  In addition, they now take their own sweet
> > time after the closing date getting the statements
> > into the mail.  The net result is that I have only
> > a couple of days to get off a check.  If I plan to
> > get out of town for a couple of weeks, I have to
> > get or calculate a balance and pay in advance.
> >
> > The alternative is a shower of fees and interest
> > charges, which have been increased as the grace
> > period has been reduced.  So far I have dealt with
> > it without getting bitten.
> >
> > I checked, and Chase bank and Discover have also
> > changed their terms in an identical way.  It is
> > clear that allowing Bank of America to buy out the
> > small local banks and their credit card
> > competitors has materially reduced competition and
> > effectively eliminated consumer options.  They
> > provide a cover for the minnows to hide under.
> >
> > The effect, if not the intention, is to game the
> > customer into paying late.  I fully anticipate
> > that the pay period will be shortened to 15 days
> > in the next 5 years, forcing customers to allow
> > them to draft a bank account or be late.
> >
> > Why not use debit cards?
> >
> > The Hannaford security breach exposed tens of
> > thousands of customers bank accounts to raiding,
> > and thousands had to cancel their debit cards
> > and/or bank accounts.  Electronic communications
> > are not by any means secure, and a debit card
> > breach (by law) is not immediately communicated
> > to the customer.  It took Hannaford 3 months to
> > 'fess up.  When the money is already gone from
> > your account, it is up to you to scramble to get
> > it back -- eventually -- while checks bounce like
> > Ping-Pong balls and your credit is ruined.
> >
> > Rik, it is not quite so simple as who pays
> > interest and who collects it.  We have allowed
> > the consolidation of financial power to the point
> > where the average guy has few options if he has a
> > run of bad luck.  The walls cave in.
> >
> > While some are concerned that we might tax them
> > for the benefit of others, it is increasingly
> > obvious that the corporations are being given
> > relatively unfettered license to farm the populace
> > for their own benefit.
> >
> > There is something wrong here.
> >
> > And, by the way, my home is paid for.
> >
> > /Robert
> >
> > -----------------------------------------------------
> > Rik Sandberg wrote:
> >
> >> John,
> >>
> >> Glad you liked my quote, but you may have misinterpreted the message.
> >>
> >> Actually, it is not supposed to be a slam on bankers as much as a wakeup
> >> call to folks who can't seem to buy anything without paying for it on
> >> time + interest. The bottom line cost seems to never be considered
> >> anymore, only the monthly payment. Compound interest is a beautiful
> >> thing when it's working in your favor, but a tough adversary when it's
> >> working against you.
> >>
> >> One's "home" isn't HIS home until he's paid for it.
> >>
> >> Take good care,
> >> Rik
> >>
> >> "Is this gonna' put me in a bad mood? 'Cause I'm not usually this pleasant".... Rik Sandberg
> >>
> >> Chris Geankoplis wrote:
> >>
> >>> Thanks John!
> >>> Chris G
> >>> ----- Original Message -----
> >>> From: "John Shulick" <jsbudda at verizon.net>
> >>> To: <rhodes22-list at rhodes22.org>
> >>> Sent: Saturday, May 17, 2008 9:56 PM
> >>> Subject: Re: [Rhodes22-list] for your consideration
> >>>
> >>>
> >>>
> >>>
> >>>> <
> >>>> "There's a reason why bankers drive Cadillacs and the rest of us drive
> >>>> Chevies. Bankers collect interest,... The rest of us pay it" .... Rik
> >>>> Sandberg
> >>>>
> >>>> "all through this world I've traveled I've met lots of funny men some rob
> >>>> you with a six gun others
> >>>>  with a fountain pen and through this world I've rambled and through this
> >>>> world I've roamed you never seen an outlaw drive a family from there home.
> >>>>
> >>>> "Arlo Guthrie.  A fine comment giving the credit crisis we face as a
> >>>>
> >>>>
> >>> nation.
> >>>
> >>>
> >>>>                           JOHN Shulick
> >>>>                                Pgh. Pa.