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Companies are Greedy and Predatory, not people (SKB)

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Posted by Bob3 (216.51.102.123) on January 04, 2004 at 18:03:02:

Someone here said:

"Credit card purchases made by people that don't have the money to repay fully each month are greedy and not thinking right."

It is the predatory companies that entice people to spend on credit and then crucify them with higher interest, fees, etc. The credit card companies do not want people to pay on time, they would not make as much money. They get rich on taking advantage of people.

When you look at a company's balance sheet and see that they make more money on fees and penalties from their customers, than the actual initial interest rates (which is supposed to cover the cost of lending mony) that means only one thing -- they are predators.

Then these predators charge off the unpaid balances. They are owed nothing any longer. Why? If one of their customers had a balance of $3000 that was charged off, the predator deducted that $3000 from their taxes, it goes right back into their coffers (pockets) -- THEY ARE PAID THAT $3000 -- they have lost nothing! That $3000 includes the fees, etc. So they are even making a profit from not getting paid!

So if a customer then pays that charged off amount to the OC predator, does the predator report it and pay the money back to the gov't they deducted from their taxes? Of course not. The predator takes no risk and never loses money. They want people to not pay, they make more money!




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