What needs to change in the usa

[whutthapho]

People, in most developed countries...not only in the stupid, evil U.S.A. , make a decision to pay a fee, in the form of interest, for using someone else's money now, instead of saving their own money to use later. Both parties are benefiting from this agreement. Of course, before a company allows someone to use their money, they want to assess risk and the customer's ability to repay.

 

By the way...it's illegal to charge someone more for paying with cash instead of using credit, it's also illegal to refuse cash...who is "forcing" people to use credit?

[chengdu4me]

People, in most developed countries...not only in the stupid, evil U.S.A. , make a decision to pay a fee, in the form of interest, for using someone else's money now, instead of saving their own money to use later. Both parties are benefiting from this agreement. Of course, before a company allows someone to use their money, they want to assess risk and the customer's ability to repay.

 

By the way...it's illegal to charge someone more for paying with cash instead of using credit, it's also illegal to refuse cash...who is "forcing" people to use credit?

 

 

Actually, it is not illegal to refuse "cash". There are a few stores that do it; especially in high crime areas. They can't force you to use "their" credit card, but they can refuse cash and insist that you pay with a debit card.

[rogerluli]

We've seen lots of programs on Chinese TV in which someone in a family gave another family member a loan to their eternal regret... Bye bye RMB... Maybe banks aren't such a bad alternative...

[weiaijiayou]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

just a note -- titling a thread "what needs to change in the usa" and then starting off with a sweeping generalization like "theres no trust here between people" is likely to piss off a lot of people, even many who are highly self-critical. if you care, you can avoid doing that in most cases by putting in something like "it seems to me that..." or "i think that..."

 

i agree that americans' credit irresponsibility is a huge problem and perhaps we need to study some of the money-handling habits of chinese. but your post makes me have a gut reaction like i assume you would have if i posted a thread called "what needs to change in china" and then started off with something like "there is no concern for poor people in china."

[Guest jin979]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

just a note -- titling a thread "what needs to change in the usa" and then starting off with a sweeping generalization like "theres no trust here between people" is likely to piss off a lot of people, even many who are highly self-critical. if you care, you can avoid doing that in most cases by putting in something like "it seems to me that..." or "i think that..."

 

i agree that americans' credit irresponsibility is a huge problem and perhaps we need to study some of the money-handling habits of chinese. but your post makes me have a gut reaction like i assume you would have if i posted a thread called "what needs to change in china" and then started off with something like "there is no concern for poor people in china."

 

"i have ever seen"

from op

 

"i think"

from op

 

so my observations

 

op is not about peoples credit habit but financials system control of people.

[chengdu4me]

There are two major issues at play here..

 

1. Many Americans have proven that they can't be trusted. Loan them money for any reason, whether you are a bank or a friend and all you will get each month for payment is excuses.

 

2. Loan money is profitable. America is a capitalist society. If there is no profit in loaning money, there wouldn't be so many companies doing it.

 

Credit checks are designed to separate those who can be trusted from those who can't. Banks, credit companies work on a sliding scale..the more trustworthy you have proven yourself to be, the less they charge you for borrowing money.

 

The problem is not the companies offering to loan money. The problem is the people borrowing it. If no one borrowed money, the rates would come down.

 

Deposits are basically the same. Deposits are usually paid on rented property. Think about this though...I own a $200,000 home and I am renting it to you for $1,000 a month. How much damage could you, your kids, and your dog possibly do to my expensive home in one months time that I will have to pay for out of my own pocket if you trash my house and then split? I want a deposit from you so that you are put in a position of loss if you mess up my house.

 

Many stores have their own credit cards and they project profits from those cards as part of the big profit picture. They are going to want you to use their card. Most are polite about it and if you don't want it, that is fine.

[weiaijiayou]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

just a note -- titling a thread "what needs to change in the usa" and then starting off with a sweeping generalization like "theres no trust here between people" is likely to piss off a lot of people, even many who are highly self-critical. if you care, you can avoid doing that in most cases by putting in something like "it seems to me that..." or "i think that..."

 

i agree that americans' credit irresponsibility is a huge problem and perhaps we need to study some of the money-handling habits of chinese. but your post makes me have a gut reaction like i assume you would have if i posted a thread called "what needs to change in china" and then started off with something like "there is no concern for poor people in china."

 

"i have ever seen"

from op

 

"i think"

from op

 

so my observations

 

op is not about peoples credit habit but financials system control of people.

the purpose of the "i have ever seen" is to emphasize how bad the situation you pointed out is, not to temper the observation.

 

reading your comment now, perhaps i overestimated how many people would take offense to it. but still i believe more americans would listen to and entertain more softly worded critiques. just an observation.

[whutthapho]

People, in most developed countries...not only in the stupid, evil U.S.A. , make a decision to pay a fee, in the form of interest, for using someone else's money now, instead of saving their own money to use later. Both parties are benefiting from this agreement. Of course, before a company allows someone to use their money, they want to assess risk and the customer's ability to repay.

 

By the way...it's illegal to charge someone more for paying with cash instead of using credit, it's also illegal to refuse cash...who is "forcing" people to use credit?

 

 

Actually, it is not illegal to refuse "cash". There are a few stores that do it; especially in high crime areas. They can't force you to use "their" credit card, but they can refuse cash and insist that you pay with a debit card.

I stand corrected...cash or cash equivalent (money order, check, debit card) but not forcing consumer to take out a loan or use an interest fee credit card.

 

Question: Can a company refuse payment with cash? A new policy became effective stating they will only accept money orders, and credit/debit. i was advise if i take cash they will tell me to get a money order.

 

Answer:

 

It is technically illegal to refuse legal tender (cash) for services already rendered, though it is not illegal to refuse it for services not yet rendered. Therefore, a business that accepts only checks or credit must post a notice indicating this, so that the customer is aware of the fact prior to making payment. According to the "Legal Tender Statute" (section 5103 of title 31 of the U.S. Code), "United States coins and currency (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues." This means that all U.S. money, as identified above, when tendered to a creditor legally satisfies a debt to the extent of the amount (face value) tendered.

 

However, no federal law requires that a person or an organization must accept currency or coins as payment for goods or services not yet provided. For example, a bus line may not allow payment of fares in pennies or dollar bills. Some movie theaters, convenience stores and gas stations as a matter of policy may refuse to accept large bills, such as above $20, and as long as there is a notice posted and a sale for goods or services has not already been completed, these businesses have not violated the legal tender law.

 

If the company has posted a notice about the new policy of only accepting money orders and credit/debit, they have fulfilled the requirement, and they are not required to accept cash for purchases. One advantage to the consumer in using a form of payment other than cash is that there will be a record of the payment made. For more information you can visit the Federal Reserve online.

[whutthapho]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

just a note -- titling a thread "what needs to change in the usa" and then starting off with a sweeping generalization like "theres no trust here between people" is likely to piss off a lot of people, even many who are highly self-critical. if you care, you can avoid doing that in most cases by putting in something like "it seems to me that..." or "i think that..."

 

i agree that americans' credit irresponsibility is a huge problem and perhaps we need to study some of the money-handling habits of chinese. but your post makes me have a gut reaction like i assume you would have if i posted a thread called "what needs to change in china" and then started off with something like "there is no concern for poor people in china."

 

"i have ever seen"

from op

 

"i think"

from op

 

so my observations

 

op is not about peoples credit habit but financials system control of people.

the purpose of the "i have ever seen" is to emphasize how bad the situation you pointed out is, not to temper the observation.

 

reading your comment now, perhaps i overestimated how many people would take offense to it. but still i believe more americans would listen to and entertain more softly worded critiques. just an observation.

 

Dude...nice try but that doesn't agree with the MO...Step 1 (stir the pot) - make extreme statements or attack US culture. Step 2 (folks get riled up)- Sit back and read the responses. Step 3 (it's all your fault for "misunderstanding") - later clarify (or have others clarify) the OP's intent.

[Yuanyang]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

just a note -- titling a thread "what needs to change in the usa" and then starting off with a sweeping generalization like "theres no trust here between people" is likely to piss off a lot of people, even many who are highly self-critical. if you care, you can avoid doing that in most cases by putting in something like "it seems to me that..." or "i think that..."

 

i agree that americans' credit irresponsibility is a huge problem and perhaps we need to study some of the money-handling habits of chinese. but your post makes me have a gut reaction like i assume you would have if i posted a thread called "what needs to change in china" and then started off with something like "there is no concern for poor people in china."

That's the issue... we live in a "have-to-have-it-now" society. If you didn't spend over $500/kid at Christmas people look at you like you're some kind of child abuser.

 

As for the high interest rates, fees, etc... Who put the gun to head and said "Sign!"?

 

That's what I thought.

 

 

 

 

 

Edit: Actually there is a gun... it's called a Credit Score and if you don't have one you can't get alot of jobs. And when you do buy that car and house on credit be prepared to pay a higher interest rate.

Edited July 8, 2009 by Yuanyang (see edit history)

[chengdu4me]

It is difficult to live in American society without some form and use of credit. I did it. I am proud to say that I had never borrowed a dime from anyone until I starting traveling overseas. I then had to have credit cards. They get paid off as soon as I use them, usually even the same day, thanks to internet banking and payments.

 

There are a lot of things I did without for a very long time because I refused to buy on credit. Looking back and knowing what I know now, I probably should have bought my first house with a mortgage loan. Putting a car payment into savings every month was hard to do, especially as cars got more and more expensive.

 

Seeing the comment above about the credit score, I remember applying for my first credit card at the ripe old age of 50. I got a call. We have no record of you..how is this possible? When I told them, they were shocked! They had never heard of such a thing. When I faxed them my title to my house and cars to show proof that I existed, then I got the card...

Edited July 8, 2009 by chengdu4me (see edit history)

[Guest ShaQuaNew]

It is difficult to live in American society without some form and use of credit. I did it. I am proud to say that I had never borrowed a dime from anyone until I starting traveling overseas. I then had to have credit cards. They get paid off as soon as I use them, usually even the same day, thanks to internet banking and payments.

 

 

You're right. You can't even rent a car in the US without a credit card. You can sometimes find a place that will accept a debit card, but are required to complete additional forms and leave a large deposit.

 

Credit cards are capable of satisfying that, "I want it now" urge we all have. It's very easy to get into trouble though, as the quicker you pay the balance, the more the credit line gets increased. There are actually benefits to using your credit card to make purchases and paying the balance every month, like: Insurance for autos and travel from the CC company, support to dispute purchases, reward points, and cash back.

[chengdu4me]

It is difficult to live in American society without some form and use of credit. I did it. I am proud to say that I had never borrowed a dime from anyone until I starting traveling overseas. I then had to have credit cards. They get paid off as soon as I use them, usually even the same day, thanks to internet banking and payments.

 

 

You're right. You can't even rent a car in the US without a credit card. You can sometimes find a place that will accept a debit card, but are required to complete additional forms and leave a large deposit.

 

Credit cards are capable of satisfying that, "I want it now" urge we all have. It's very easy to get into trouble though, as the quicker you pay the balance, the more the credit line gets increased. There are actually benefits to using your credit card to make purchases and paying the balance every month, like: Insurance for autos and travel from the CC company, support to dispute purchases, reward points, and cash back.

 

 

Right you are Jesse...but...what set me apart was that what I "want now" is freedom. Freedom is not a new washing machine or a new car. That has been the overriding issue with me as far as never using credit to buy anything. I don't trust life and I never have. I have, even as a small child, always made sure than I had more "options" than the other guy.

 

I have one credit card. I set the limit when I got it and I have a lock on it so that the limit cannot be raised. Lately, they have been wanting to cancel it because I am not a "good" customer. I don't use it often enough and they get no interest from me. Last Friday, I told them , go ahead..cancel it...I have no further use for you......5 days and a wake up!!!!

[Yuanyang]

Now there's that little thing that you (the consumer) never see... it's called the interchange fees. That's the charge that the merchant pays for moving money into their account and the debit over to your credit card account (or directly moved from you checking account if you use a debit card).

Different companies have different fees. Why don't you see AMEX everywhere? Cuz those bitches have the highest interchange fees. VISA is everywhere and VISA has their own policies (and auditors). They have been gradually raising the interchange fees (we're talking about totally automated systems here folks) and slapping the merchants around for years. They pushed Wal-Mart to the point where WM said "Fine! We won't accept VISA in any of our stores!". Well that backed them off (of Wal-Mart at least). Numerous class action law-suits are out there now. Hell, even 7-11 has a petition drive going on with their stores (in the D/FW area that is) about the unfair practice.

The point I'm making is that the card compaies are screwing EVERYONE! How long do you think you'd stay alive with a "Cash Only" business? I'll take checks; but only via ACH (faster than debit card but only a couple of pennies in the interchange).

[Guest ShaQuaNew]

Now there's that little thing that you (the consumer) never see... it's called the interchange fees. That's the charge that the merchant pays for moving money into their account and the debit over to your credit card account (or directly moved from you checking account if you use a debit card).

Different companies have different fees. Why don't you see AMEX everywhere? Cuz those bitches have the highest interchange fees. VISA is everywhere and VISA has their own policies (and auditors). They have been gradually raising the interchange fees (we're talking about totally automated systems here folks) and slapping the merchants around for years. They pushed Wal-Mart to the point where WM said "Fine! We won't accept VISA in any of our stores!". Well that backed them off (of Wal-Mart at least). Numerous class action law-suits are out there now. Hell, even 7-11 has a petition drive going on with their stores (in the D/FW area that is) about the unfair practice.

The point I'm making is that the card compaies are screwing EVERYONE! How long do you think you'd stay alive with a "Cash Only" business? I'll take checks; but only via ACH (faster than debit card but only a couple of pennies in the interchange).

 

 

Debit cards are trouble. It's really just like cash. If you buy something, and later find the product defective, you will have to deal directly with the store or manufacturer to get a refund or exchange. If you use a credit card, you are protected from that.

 

I agree that the credit card companies screwing people, but there are ways to prevent it from happening. Don't carry a balance, and if you have a balance pay it off as soon as possible. Never withdraw money from an ATM that charges a fee. That is is consenting to pay a thief. Instead, only use the ATMs within the network. If your bank doesn't offer a wide array of free ATMs, change banks to one that does.