Quote:
Originally Posted by Thrif-t
Now, one day you need something. Who cares what it is, you decide you need it. A credit card company offers you a deal at 0% for 1 year. They give you $5000 credit to buy the $4000 item. Sounds good, you sign up. A year goes buy and you’ve been paying the minimum amount
Who's fault is that? Not the credit card companies.
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Exactly. The CC company did absolutely nothing wrong in that scenario. The fault lies 100% with the borrower who somehow thought it was a good idea to open a line of credit and charge up 80% of the line when the recommended limit for utilization is 30%. Then, the borrower greatly compounded the mistake by not repaying the balance before the promotional rate ended. Again, 100% the fault of the borrower, not the CC company.