I don't care what financial institutions think about me..Many are a scourge on our nation. My vision of retirement is a debt free one. Yes we use credit cards but only to get rewards - we never carry a balance. If chase ever looked at their profitably on us they would ask for their card back.
My friend's 23 year old son has worked one year for our firm since he graduated. Unsolicited his credit card company just upped his limit to $10k. I believe this should be illegal. Credit cards for all too many are like heroine laced quick sand. The average balance in America for people who carry a cc balance is $15 grand. That's 3 grand a year in interest.. Funny but if you saved that three grand each year, invested it, I'll bet after 18 years you could fund a state university education.
The financial institutions fight over the credit addicts too.. Why do you think they advertise 12 months no interest on balance transfers? The desperate will jump at that offer and they too will sucked into 'the sand'.
No my goal has been to get financial institutions out of our lives ...so far so good.
My occupation at retirement: Senior Portfolio Manager.
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I'm sorry, but I have to disagree w u here. 'I believe this should be illegal'... lol... illegal??... if you are an adult and you make choices like a child, then the Credit Card Companies are to blame, really?
Do you want fries with that? Do you want to Super Size that for $1 more? If you are stupid to eat there in the first place, then why not, Super Size your disgusting meal while you've at it. Why not? Make sure you get that super size soda with 4 spoons of sugar in it too. Most people are fat, but it's the fast food companies that made 'em fat? Like it's the credit card industry that made people owing 'em money?
My credit card limit on my ONLY card is $100k. My credit score is 810. I never carry a balance and never have.
Think like an adult, act like an adult and the world will treat you like one. If you are 23 years old with a University degree too, you have a $10k limit and u use it, my two cents would be that you need to go back to grade 8.