The dollar is an indispensable evil and having more is never enough. It is this evil that drives competing financial corporations to remain superior to their competition while the citizen suffers. These corporations market to citizens most vulnerable to be swallowed into a life time of debt. I have been and personally know people who are victims of credit card debt due to sugar coated marketing.
In the year 2009 I was offered a credit card from the Capitol One credit corporation. At age 19 I had a credit limit of $700 with an interest rate of zero percent financing (without reading the fine line). I saw this to be a great opportunity to build my credit from a no credit profile. As the responsible 19 year old I thought myself to be by paying my bill on time for the first two months, I didn’t pay my third month payment on time. Instantly after 12 o’clock Eastern Time a high interest rate was applied to the additional balance. The factor that made this situation so bad for me is that I did not have a job. It was very easy for me to ignore my balance, I ignored my balance for 4 months. My $700 balance turned into a balance of $1200. Unfortunately I had to rely on my parents to pay for my outstanding balance.
Shame on the credit card companies who market to young adults without jobs. Capitol one offered me a credit card when they knew that I did not have a job. This is how such a company makes billions of dollars from naive young adults who desire to be responsible, but are not.
Don’t accept any credit cards without a job.
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