subject: Credit Card Is Unethical Business Nowadays [print this page] The Companies or Banks Which running Credit Card business are totally unethical. They create unnecessary financial problem to many people especially to young adult in these days. You may object what I am talking now but you will see the true side then.
I have admitted that I use Credit Card and credit card sometimes brings me a lot of convenience in shopping. You may agree that credit card brings our life more convenient. However did you think about the problems caused by using credit card?
One of my friends, I call him Peter in this article, a young adult who has a stable income and of course has few credit cards. But unfortunately, he still fall into financial problems because of cannot escape from the lure of credit cards. At the very beginning, he can control himself not unlimitedly use the credits in the credit cards.
However, as the credits cards bring really handy money to him and seems so need to pay money to purchase things, so he gradually has the bad habit of wasting lots of unnecessary money on shopping by using credit cards. I guess you can foresee his ending. A huge debt is awaiting him.
This is a real story. You may say, Peter should bear the responsibility because his stupid behaviors. Yeah you are right. But I want to point out that the Banks create this financial crisis to Peter. As you know, if the card holder cannot to fully pay the credits, he will be given fee penalty extra charge and terrible compound interests.
The banks earn money from this situation. Do you think it is ethic? When someone facing problem, the problem cannot be solved but being added more oil to the fire. As a result the card holder will owe banks huge amount of debt which an ordinary young adult will never able to pay, finally bankrupt is his choice.
Banks running credit card business should have some measures to prevent card holders abusing credit cards and leading them to financial problem. Here are a few measures at least the bank can do.
If the card holders only able to pay the minimum payment in the bill, the banks should consider restrict the credit limit in the following month. Then maybe after 3 months, if the card holder still only able to pay the minimum payment in the bill, the banks should consider to halt the card holder's account until he can fully pay the debt in the bill. Moreover, if the card holders can not pay the minimum payment in the bill, the banks should immediately halt the card holder's account till he can fully pay the debt. At least, these measures can prevent the card holders unlimitedly using credit cards and hence prevent creating financial problem to them.
In conclusion, the card holders have the responsibility when using credit cards but the banks and companies also have the responsibility to prevent card holders abusing credit cards so as prevent creating financial problem to them. If the banks and companies still earn money in this ordinary way without any preventions, they are totally unethical.
Credit Card Is Unethical Business Nowadays
By: Gary Law
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