http://www.studentplatinum.com/student-credit-card-blog/2009/06/17/credit-cards-the-consumer-bailout-plan/ Current events and opinions about student credit issues Fri, 20 Nov 2009 13:08:35 -0500 http://wordpress.org/?v=abc hourly 1 http://www.studentplatinum.com/student-credit-card-blog/2009/06/17/credit-cards-the-consumer-bailout-plan/comment-page-1/#comment-17195 Jacob Marta Mon, 02 Nov 2009 21:15:00 +0000 http://www.studentplatinum.com/student-credit-card-blog/2009/06/17/credit-cards-the-consumer-bailout-plan/#comment-17195 Platinum Student. I respectfully disagree. Sure you have a baby to feed and its your only access to money, perhaps a credit card can hold you over for a few weeks. However, this is not the case for the majority of consumers. We have built into our psychology to lean on credit cards in bad times, and use them for "benefits" in good times. The sad truth is that consumers who regularly use credit cards are 26 times less likely to ever achieve a secure retirement according to the Wall Street Journal June 19, 2009. Creditors are offering to reduce and settle out the debts of consumers who are having a financial hardship. It's my opinion consumers should take this opportunity to get off the credit card dead end. Dumping 60% or more of your credit card debt and learning how to live lean for the next couple years is a better long term strategy. Respectfully, Jacob Platinum Student. I respectfully disagree. Sure you have a baby to feed and its your only access to money, perhaps a credit card can hold you over for a few weeks. However, this is not the case for the majority of consumers. We have built into our psychology to lean on credit cards in bad times, and use them for “benefits” in good times. The sad truth is that consumers who regularly use credit cards are 26 times less likely to ever achieve a secure retirement according to the Wall Street Journal June 19, 2009. Creditors are offering to reduce and settle out the debts of consumers who are having a financial hardship. It’s my opinion consumers should take this opportunity to get off the credit card dead end. Dumping 60% or more of your credit card debt and learning how to live lean for the next couple years is a better long term strategy. Respectfully, Jacob

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