Comments on: P2P Loans, Credit Cards and the Consumer Borrowing Surge

By: Susan

Susan — Wed, 12 Dec 2007 03:49:51 +0000

It is hard not to overspend in the society that demands to spend as
much money as possible. Everyday you hear everywhere - buy now
everything you want and pay later. But nobody awares you, that it
leads to deep debts... But I think soon we will hear an unanimous
call not to spend but to save money.

By: Mike

Mike — Thu, 26 Jul 2007 06:13:27 +0000

I am not comfortable with the underlying theme of not using credit
cards, however I appreciate your statement that using credit cards
can be an addiction. This is likened to the easy money a gambler
thinks he will get by betting on that longshot instead of paying
rent. Or the drug dealer's easy money he would get spending the day
on a street corner instead of spending 8 hours working. Credit
Cards are a way of life but can also be used as a way to enhance
your quality of life. You have to remember credit cards will hurt
you if abused. Living beyond your means is not a wise decision.
However, purchasing items with a credit card offers you a level of
protection you can not get anywhere else. Buying that big screen TV
with some credit cards gives you a warranty enhancement debit cards
and checks do not give. Of course pulling out the plastic for a
$5000 TV when you have $500 in the bank is not what I call wise
consumer spending. If you spend like that then refinancing won't
even help you. You need to change your lifestyle before you change
your interest rates!!

By: Jason

Jason — Wed, 25 Jul 2007 21:23:35 +0000

To see some documentary style video on the US credit card crunch.
Check out the movie Maxed Out. It's in the style of Super Size Me.
It's amazing how leveraged the US is as a country and how much we
really overspend using easy credit and credit cards.