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Brian Clark Howard

Brian Clark Howard

Posted: July 8, 2010 05:01 PM

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HUFFPOST SUPER USER
maverick77
09:14 PM on 07/14/2010
I hate the artificial industry credit cards have created... they only serve the purpose of a financial middleman who marks up the costs at retailers another couple %. Yet, I still use a card for most purchases and pay it off every month....

I know I can "vote" by not having a card, but how do we rid the country of this evil industry?
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Heather Victoria Swanson
My moral standing is lying down.
04:48 PM on 07/22/2010
It would definitely take a major overhaul to truly be rid of the credit system. It's been such an integral part of how we do things, how we establish ourselves financiall­y, for so long that I wouldn't know where to begin. Seeing a graphic like the one above is kinda scary, 'cos I don't think most of us realize just how much of a prisoner we are to that little number known as our credit score.

As you said, using a card and paying it off is the right way to go, as there ARE responsibl­e ways to handle your credit, but it still doesn't address your last question, which is an important one. I can't see the banks getting their hands out of our pockets any time soon. :-\ The more jobs that are lost and the more desperate people become, the bigger the growth industry this is for Wall Street (or, in my case as a Canadian, Bay Street!).
02:18 PM on 07/11/2010
I don't have a score. It is not that I have a bad score, I just don't have a score at all. You see, I refuse to participat­e in Walls Streets scams. I have no debt, I carry no credit cards, and I borrow no money.

If everyone did this, Wall Street would have no reign over us.
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Heather Victoria Swanson
My moral standing is lying down.
04:51 PM on 07/22/2010
I'm definitely with you in theory, but I have to ask (because I actually don't know!): Has not having any credit history given you any problems with buying things (cars, houses) or renting property, or anything else? I got my first credit card when I was 18 and a freshman in university (and haven't gotten myself into any trouble with it since, thankfully­!), so I don't know how things would work WITHOUT having a credit check for certain things. Are there viable alternativ­es?

(Pretty sad that I even have to ask, I know. It proves your point.)
09:55 AM on 07/09/2010
I figured AMEX would be at the very top of that list

web-anonym­ity.au.tc
02:56 AM on 07/09/2010
Erm... World's worst?
Get real we have worse than these in the UK. Several of our cards have an APR around 30%
We now even have loan companies advertisin­g on TV that have an APR of over 2500%. Ok it's all short term loans but they advertise here and its legal.
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Heather Victoria Swanson
My moral standing is lying down.
04:43 PM on 07/22/2010
2500% ?!??

That literally just made my jaw fall open.

Short term or not, it's INSANE that such a thing can be legal! (But I don't doubt you. Can't put anything past financing companies who prey on the desperate and/or the naive. Sad but true.)
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HUFFPOST SUPER USER
Democrab
Pretty far so good
05:25 PM on 07/08/2010
The worst credit card in the world is the one you have in your pocket. The Corleones should have been killing their enemies over this racket as opposed to drugs, prostituti­on, gambling, bootleggin­g,etc. This is the most lucrative crime of all and it's still underregul­ated by the bozos in Washington and protected by the republican party.
02:57 AM on 07/09/2010
Not true. I pay my credit card off every month and they pay me 3% cash back to use it. Credit cards are good if you know how to use them and use them right.
09:18 AM on 07/09/2010
I agree. I use mine when I travel to Europe so I don't have to carry cash or find an ATM. I could use my debit card but it doesn't have the protection­s that a credit card has if it is stolen or used improperly­. Right now I have one that is interest free for 7 mos and one for 18 mos so I can go on my trip and not worry about accruing interest and then pay it off when I get home. The only time that credit cards are bad is when you use them to buy things you can't afford.