Over on Beyond the Rhetoric by Michael Kwan we are having a nice discussion about a series of guest posts by Aaron Koo who is a financial planner. The series started out about bankruptcy and has now evolved into a discussion about credit. Michael and I are at polar opposites about credit cards, always have been and have many infamous back and forth’s about credit cards. Aaron’s post on credit cards is very interesting and ever evenhanded. I would say that it is also the most well balanced on the topic that I have seen in a while. Below are the highlights of my position.
- My take is that credit cards are EVIL.
- They are an addiction and credit card companies are like casinos.
- the key to not being in debt, don’t spend more than you can afford. If you can’t afford it, don’t buy it.
- I believe the credit card companies have a greater onus to be responsible in offering credit to people already in debt or at risk of becoming a slave to the interest.
- Bailing out the financial institutions didn’t solve anything. The people that owed the money still owed it.
I feel that you would get the most out of this if you headed over to Money Monday, How-to rebuild your credit. Enjoy the discussion and please feel free to join in.