That isn't exactly true either... anyone with your account number can clean it out too.
I believe I stated limit not completely stop & besides that if I've clean out my acct then no one else can clean it out. ;-)
One can argue they do absorbe charge offs, but it's not paid by the rest of us in the form of higher fees etc - that too is built into the cost of doing business and eliminating bad credit risks won't lower costs.
So lowering the cost of doing business doesn't mean cheaper prices? It may only add a penny or 2 to the price but it certainly is included in the overhead which is factored in when calculating retail prices. Why do some businesses not do business at 3am? Because it adds to the cost of doing business that must be compensated for some where & usually in the form of higher prices. While it may take a while for the prices to come down they would eventually if the cost of doing business were to remain low for more than a few months.
If they didn't make out like bandits, they wouldn't issue cards to people with bad credit.
If that were true then why were the banks pushing for the change in the bankruptcy laws since they were already making tons of money? I know to force people to pay those late fees & higher rates but then why do the banks call & say they'll settle a $3000 debt for only $1000 ? Where did the $2000 go? Just because something is added to the cost of doing business doesn't mean it doesn't affect our prices. If that were the case then everyone should shoplift because it costs no one anything.
May we please move on to another topic?
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Wayne D. Johnson
Ashland, OH, USA 44805
<http://www.wavijo.com>
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