While I am certainly no fan of the tactics of many in the credit card industry, sometimes I’m not so sure we don’t get precisely what we deserve. For instance, in public comments to regulators on their credit card gripes, we see one commenter lamenting, apparently, the reality of time passing:
I agree that 30 days late is late — one day is not late!
Has our education system gotten so poor that we cannot even grasp simple words like late anymore? 
late: Coming, occurring, or remaining after the correct, usual, or expected time; delayed
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I used to look down on the credit industry, until I started working in it.
Now I realise it’s a business, not a charity, and after a few bad debts you realise that some people, maybe many people, haven’t got the idea of paying your dues.
If you’ve got thousands of debtors, you’re going to deal with them mechanically; you’ve heard it all before. Plus, unless people HAVE to pay you back, they won’t. So leeway goes out the window.
Exactly. It’s just business and as the risk for CC companies are high it has to be projected to the interrest rate. When you have mortgage you have real estate you use as collateral so the interest rates can be lower.
Banks work well with the government to keep our economy fairly stable, and charge a huge commision for their services. That’s the way I see it.
I think so they had the only chance left to earn like this thats why they are doing so and nothing else
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Naruto Ninja
I have noticed that credit card companies are making a greater effort work work flexibly with card-holders. Perhaps it’s the economic climate, and increase in unpaid debt – but it’s working to my advantage in paying down my credit accounts after losing my job.
One thing they have never been lenient with is late payments. An yes, I agree – 1 day late IS late.
Thanks for the great post,
-J
Great post! This is an informative post. Thanks for the useful information.
I’m not a big fan of the credit industry but there are a lot of people who will take advantage of anyone to get what they want. I see it mainly in collections for the company I work for. Sometimes you just have to shut off service to get paid. That’s just some people.
Bankers are the devil but people who get in over their heads on credit cards and expect to walk away are just as bad. The two groups of people deserve one another!
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