Credit Cards Take From Poor, Give to the Rich

Wall Street Journal ^ | 07/27/2010 | Michael S. Derby

[Lonesome in Massachussets]

Burned up my credit cards for fuel.

I just pay mine off every month and get free stuff back. When I and Mrs. Lonesome took a cruise, I paid with Discover and the kick back from Discover was worth more than a $50 gift card from Kohl's (where Mrs. shops anyway). If I hadda pay interest on the credit card, I would have have paid cash or check instead.

Thanks for the dough, suckers.

Basically, "finacial reform" is a wealth transfer from the frugal and careful to the clueless and improvident.

[CodeToad]

The poor use coupons, get free toys in their Happy Meals, and...of, well, the poor are stupid and the ability to think a company giving incentives to use their products is a scheme for the rich just proves it.

[Da Coyote]

Government correction of the problem?

Is that the government containing Charlie Rangle, Barney Fwank, Chris Dodd and the rest of the folks who couldn’t pass an Econ 101 course and all of whom should be in jail?

[Jack Hammer]

‘The imbalance may have to be remedied via government intervention, the authors, Scott Schuh, Oz Shy and Joana Stavins, argued.’

Seems to be the solution for everything these days. The very dictionary definition of socialism.

[eclecticEel]

Heaven forbid anyone be rewarded for acting responsibly.

[Niteranger68]

Actually, I have judiciously used my credit cards for somewhat long term loans with interest rates averaging 1.9%. Seemed like a good deal to me.

Agreed! That's a smokin' good rate! My only fear with financing something on a CC with that low of a rate is the rate changing.

[Myrddin]

Cancel the cards. This is just a rehash of the "I'm too stupid to read the contract" approach to financial irresponsibility. Miss 2 consecutive payments...cancel. No more access to credit for the irresponsible and uncreditworthy.