Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B
by unshavedyak on Friday February 03, 2023 @01:29PM
(#34645677)
> We need more basic financial education in the US and probably the world.
We do, definitely. However wouldn't that also produce the same result as regulating the cards?
Ie i imagine cards are profitable for the responsible folk because they so heavily abuse the irresponsible and/or uneducated folk. If we were to educate everyone then the cards wouldn't exploit "anyone" and suddenly the card makers have no incentive to offer the profitable cash back/etc.
Now of course, we can't educate "everyone". And i'm not a fan of systems that build themselves on the back of the exploited.
We do, definitely. However wouldn't that also produce the same result as regulating the cards?
Ie i imagine cards are profitable for the responsible folk because they so heavily abuse the irresponsible and/or uneducated folk. If we were to educate everyone then the cards wouldn't exploit "anyone" and suddenly the card makers have no incentive to offer the profitable cash back/etc.
Now of course, we can't educate "everyone". And i'm not a fan of systems that build themselves on the back of the exploited.
Do i have the wrong framing here?