Credit Charge Card Greed - Beware!

The credit market business is a great big fat, heavily marketed mean money making machine.

Borrowing is a necessary part of living for most today where it provides assistance in purchasing the necessities to live a comfortable life. In most recent decades the credit and other industries have advanced in the direction of emphasizing the 'need' to require more than what makes us simply comfortable.

They have, like others also, devoted their efforts more towards profits while not necessarily providing value for, or helping consumers. As has been reported in the news in recent years loan marketers have epitomized the use of some ruthless business strategies in obtaining profitable returns and handsome profits. They have resorted to strong and often very deceptive marketing tactics to encourage borrowing even when it is unwise or personally destructive.

With so many businesses after the same lush profits ethics have sunk pathetically.

The persistent persuasions directed at consumers to borrow are enormous and coming from many angles. Gross amounts of junk mail flow towards homes promoting major credit cards from credit card companies themselves, and from financial institutions, supermarkets, department stores and miscellaneous associations. Then there are the stores' own charge cards where you are encouraged to apply for one, or if you already have one, to use it. They are all lined up for your late interest payments to contribute to their bottom line.

This has resulted in financial hardships and disasters for so many who may have been goaded into financially unwise credit usage. The classic example has been the slimy sales efforts of greedy companies who sold mortgages they knew were risky with slick selling routines. But similar efforts are popular in many other loan areas, and though they may be less drastic they are harmful and unfair to consumers.

MORTGAGES - Can you read this? You qualify!
Refused by bank, bad credit, bankrupt? Loans guaranteed.

Price gouging; is it a lasting marketing trend? Much of the credit rates charged to borrowers have been excessively high for years, even while investment interest returns are historically low.

While high interest savings account might range around 0.2% - 2.2% bank 5 year term deposits are 3% and less. Borrowing rates are much higher. Mortgages seem reasonable with the current housing situation but credit card interests take off ranging at 12% - 22%. Retail store credit rates jump again and can run up to near 30%. Wow! No wonder the active promotions:

"Use your customer charge card and earn extra loyalty points." is one 'encouragement'.

Sure they may defend these exorbitant charges in saying their costs are high but that is largely because of the gross advertising expenditures, much of which is spent on convincing consumers to take out unaffordable credit and go bankrupt.

Contract trickery with clever, confused and bloated wording, and fine print are winning strategies for uncaring credit vultures and may include a bag of costly surprises. With a new card application an inflow of junk mail to your home may begin because you did not read the opt out clause buried in the hard to read agreement.

More serious negative consumer credit events may yet be forthcoming in the news, brought on by some creative forms of corporate greed, and likely on the backs of lower income families. Consumers need fai
ess and protection in dealing with businesses like these and it can only begin with governments that stand up for their citizens first. They can investigate more closely commercial behavior and apply fixes that will require fair and ethical treatment of their citizens.

If they should ever want to.