Quote:
Originally Posted by MrBottomTooth
What happens to your business in a few years when the process has repeated itself once again and the economy has been crippled even further? OK if you plan on retiring soon I guess.
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opposed to the way it is no now where none of these people have cards?
Sorry don't follow the logic.
Let's say 100 million people have credit cards right now. They do nothing, 100 million people have card now and in the future. VS they open it up now and allow 50M new people to have cards, so now and for the next couple years 150M have cards, those 50M people burn through the cards and max them out, in 2 years we back to the original 100M "responsible" people.
Option A, nothing changes.
Option B, we at least get surge of sales till these new idiots max out their cards.
People running up more credit card debt isn't going to cripple the economy, if anything it will give a little boost to the ecomony as more sales will be made from the money being spent by these people. The GOVT running up debt into the trillions is what is hurting the economy and US dollar. Eventually the whole consumer credit market might collapse but we a long ways away from that and several future bail outs. Hell it might not even happen in my lifetime. The worst that would happen here is the idiots they give more cards to would max them out , default, and they wouldn't be able to use their card any more. back to status quo.
And yes I do plan out getting away from relying on online credit card sales in the not so far future.