<<If your six best friends have loaned money to Jim and Jim has stiffed them, how smart is it for you to go ahead and loan Jim money? Yes, he's shirking his personal responsibilities when he stiffs you as well. But you're shirking yours by lending to him in the first place, and I'm not going to weep for you (or change any federal laws) when you complain about the money you lost.>> Credit cards can be cheap sources of credit for the careful and responsible person, and you can even make money by borrowing money if you are shrewd.The compensating fact of life is that credit card companies can sharply jack up credit costs for those who borrow too much or fail to pay back money as required. Penalties and punitive high interest rates are deterrents to bad credit behavior, and allow credit card companies to send a strong message to people about the cost of irresponsible behavior.I wouldn't be surprised if Jim(in your example above) would borrow money from hid friends in order to make payments on his credit cards, because his friends haven't investigated his credit and understood the risks they were taking, while the credit card companies have. Many people who post on the Credit Card board got a wake up call when their interest rates went sky high and they got hit by expensive fees. They are responding to a wake up call from their credit card companies. Is it really better to allow them to continue a destructive pattern of behavior by failing to send them that wake up call, or to postpone it? Seattle Pioneer
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