reply to Ahrenl
Re: I can see both sides Thanks for the unneeded, and unwarranted, credit lecture.
I have high limit credit cards with several major banks. Some I carry a balance on, others not, but none are unmanageable, nor do they carry high interest rates.
I'd be interested in your source for saying universal default has been outlawed. Last I heard, it was still in effect with most, if not all, credit card companies. If it is truly gone, hallelujah! It was a true abomination.
In any case, it is the lax and profligate policies of the credit card companies that is responsible for credit card abuse. It is their policies that cause the cost of credit to be as high as it is, because they encourage the use of credit by people who cannot afford it, or handle it responsibility. The defaults of the non-creditworthy are paid for by increased fees and interest rates to responsible borrowers. If the credit card companies would stop handing out cards to every Tom, Dick and dumb-fuck whose only qualification for credit is that (s)he has a pulse, things would be better for all.
Attached is the latest six page notice I received re a credit card account I have, but never use. The bank has bought out a few other banks in the last few years, and are now attempting to make all the various terms of account from these formally independent vendors the same for all credit card account holders. The text is self-explanatory, and illustrative of the issues under discussion.
Notice the "Default Rate", and the choice of arbitration outfit under the MANDATORY, SINGLE ARBITER arbitration clause, and the prohibition against participation in "class action" lawsuits.