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More right than left
April 2nd, 2007, 07:13 AM
Originally Posted by 2ephesians8
Umm, I am not trying to be rude, but you are missing my point.
And if you can not get a loan with out collateral, hows come you can get a credit card, it is after all unsecured debt....?
If your argument held water, I wonder how we ever got along with out them (credit cards) before.
Besides, a credit card should never become a form of ID, NEVER.
No, I really don't think I'm missing your point. I understand your fears about the eschatalogical implications of this.
What I'm pointing out is very practical. Rental car companies need security before they send you off with one of their cars.
In regards to credit cards... Yes, it is unsecured debt. But it is calculated risk that is, at this juncture, working for the credit card companies. They have so many built-in ways of screwing you over - for any and every reason - that they can afford to have some people default on the unsecured loan. What boils down to is very simple: ALL of us are the collateral on these unsecured credit card "loans". We all pay higher interest, and fees, to cover the cost of those who default. It's bad news, but if you're a slave to your credit cards, you don't have much choice in the matter.