On April 18, 2015 at 13:21, 24/7 said...
Let's talk about greed. This company does what? Credit card processing? And earns how much per year?
There has been a lot of discussion here about doing the right thing for the employees and I'm surprised no one has brought up the actual mission of the company. Profit from credit use. It is the easiest way to suck money out of people who don't have it.
Whose money does a company like this really spread around? Does this business plan really serve the "we the people" model when it's sole purpose helps enable a society that can't spend within their means? Personally I don't care if they profit from it, but maybe the way the CEO earns this money should be factored in before he's touted the king of kindness.
Average American household credit card debt: $15k.
So, the credit card companies are horrible, because they charge people, to be loaned money? I find that laughable. It wouldn't be laughable if the banks were holding a gun to their head, and saying, you must pay for credit, or we won't let you live, but that isn't the case.
The average american household credit card debt is 15K, because the average american doesn't know the difference between the words "want" and "need". While living in a nice affluent suburb of north Dallas, I was surprised by my neighbors admission. He was saying how they were selling their home and moving back to Louisiana, and he wasn't sure if they'd have enough cash in the short term to cover their expenses. This was someone who worked for a huge soft drink company here in the US, and was likely pulling in a salary of $150-$200K a year.
How do you do that, and not have 6 months of living expenses sitting in an account? By spending every penny you make on things you "want" rather than things you "need". When I talked with him more, I asked about cutting back on expenses for a bit, so as to lighten the load. He assured me there was nothing that could be done. Of course as we discussed he was subscribed to HBO, Showtime, Cinemax, etc via DirecTV. Of course they couldn't drop any cell phones, as his 7 and 9 year old definitely need the newest iPhone and 4G service. These were just the tip of the iceberg, including home delivery services for groceries, laundry and dry cleaning services, and a nanny and maid.
The problem is not the credit card companies, the processors, or them giving too much credit to people. The problem, is that the average American is a spoiled brat who "wants what they want, right now", and will sell their soul to get it, rather than wait until they can afford it.
