Credit card test

[greentea]

Do you think that people should have to pass a basic financial literacy test in order to get a credit card similar to a driver's test in order to be able to drive a car? I know the implementation would be impossible and there is no way that banks or retailers would ever allow it to happen, but I sometimes wonder if people abuse credit cards because they don't understand how interest works or if they do, but don't care.

[bjl584]

It might be a good idea in concept. Sort of a basic financial class with a test at the end before you can start to establish credit or take out a loan.

But, I think it would also be a good idea to have people pass a basic test on current events before being allowed to vote like mindless zombies hitting the button for one party or the other without knowing one thing about the candidate or anything that is going on in the world. But, good luck with that one.

[rennigade]

Do you think that people should have to pass a basic financial literacy test in order to get a credit card similar to a driver's test in order to be able to drive a car? I know the implementation would be impossible and there is no way that banks or retailers would ever allow it to happen, but I sometimes wonder if people abuse credit cards because they don't understand how interest works or if they do, but don't care.

I dont think a test should be required, its pointless like a lot of other tests people are required to take. If people should be required to take a test to get a credit card...my coworkers should be required to take a test on how to properly use a shared kitchen/microwave. Ive never seen adults trash a kitchen like I do at work.

I personally think its in our dna to be destructive, take shortcuts and or not think before you act...meaning its a lot easier to walk away from a mess than to take the time to clean it up. Look at driving. Almost everyone on the road behind the wheel took a test...now think of the last time you were cut off or the last time you saw someone speeding doing the slalom around cars. It happens pretty often. Pretty scary stuff.

[rennigade]

But, I think it would also be a good idea to have people pass a basic test on current events before being allowed to vote like mindless zombies hitting the button for one party or the other without knowing one thing about the candidate or anything that is going on in the world. But, good luck with that one.

That would be a start...another thing I propose is to not allow anyone on welfare to vote period. Politicians prey on the poor. They spout out free this for underprivileged people, free that...such an easy way to get votes. You take those votes away and the game would change.

[greenskeeper]

our education system should do more to teach personal finance

no to a test to obtain a credit card - too much money to be made on the foolish

[Joan.of.the.Arch]

That would be a start...another thing I propose is to not allow anyone on welfare to vote period. Politicians prey on the poor. They spout out free this for underprivileged people, free that...such an easy way to get votes. You take those votes away and the game would change.

WTH???!!!

[greentea]

Almost everyone on the road behind the wheel took a test...now think of the last time you were cut off or the last time you saw someone speeding doing the slalom around cars. It happens pretty often. Pretty scary stuff.

??? Yes, but think what it would be like if nobody had to take a test...

[ua_guy]

That would be a start...another thing I propose is to not allow anyone on welfare to vote period. Politicians prey on the poor. They spout out free this for underprivileged people, free that...such an easy way to get votes. You take those votes away and the game would change.

The Republican party would lose it's entire voter base. And if you want to compare welfare numbers, corporations are taking more handouts from the US treasury and government entities than the millions of people on welfare, combined.

Back to the original question, it's too profitable to give credit to people who misuse and manage it poorly. While it's a good virtue to be educated and use credit wisely, that doesn't make profit for a bank.

[btctony]

our education system should do more to teach personal finance

no to a test to obtain a credit card - too much money to be made on the foolish

I agree that our education system needs to begin teaching this subject. It is insane how many people come out of college and don't have a clue about personal finance.

I had the luxury of watching my parents do everything the wrong way while I was growing up. I also got to see how my grandparents handled their finances in a positive way. While I was young and didn't see every little detail, I knew enough about both situations to know which was the more positive to be in.

[cooliemae]

Perhaps it's time to bring back home economics as a class in high school, with a little revamping of course.

I would agree that a test only proves you can pass a test. I know plenty of people that pass the driving test, but shouldn't be on the road.

[hamchan]

That would be a start...another thing I propose is to not allow anyone on welfare to vote period. Politicians prey on the poor. They spout out free this for underprivileged people, free that...such an easy way to get votes. You take those votes away and the game would change.

Yes Rennigade. Poor people are clearly the enemy of this country. The disabled and elderly shouldn't be able to vote either. And certainly no one struggling to pay for health care or obtain insurance. Let's just eliminate anyone from the voting pool who makes less than the median income and that will fix everything.

[feh]

Perhaps it's time to bring back home economics as a class in high school, with a little revamping of course.

+1

Personal finance should be a required course in high school.