When it comes to credit, one lesson people have never learned worldwide is simply because somebody extends credit to you has nothing to do with your ability to afford it. |
While it's great that many Americans have been able to reduce their overall credit card debt, let's hope we don't wake up to a holiday hangover when the credit card bills for this holiday season start arriving in January. If consumers used credit for their holiday purchases this year, they might erase any progress they have made toward paying down their debt. |
Who wants to be out with your friends or business clients and have that happen -- 'Do you have another card, sir? ' You feel like a loser -- when it can be completely beyond your control. |
You can chastise [high-risk lenders], but you could also say that some people deserve a second chance and would have no other access to credit without them. At some point, there has to be some level of common sense. |
You should expect that at some time you're going to have a credit card rejected. |