We recently caught up with one of the leaders in the housing market reform movement, Ben Bernanke. He was speaking at the Consumer Debt/Credit Solutions conference in San Francisco. Thanks a lot to Ben for taking the time to ask about his book Debtors Handbook and the future of borrowing.
Credit Cards All Over The Place!
Would you ever use your little plastic? There is an endless number of varieties and variations on credit cards that tempt us to splurge by splashing a certain number of cards on them all together. This habit of yours truly is a great way of discarding all other discounts and offers for freebies and giving our shoppers the discount their money was spent on.
Visa and MasterCard are two of the most renowned credit cards companies in the world; they always are; their prices are always the same; and they always keep falling under the rubric of ‘Cash only’. There were times then when we all wanted to get a Visa card – let’s just say that Visa and MasterCard are all the more amazing!
We would all miss them on our way to the mall. Or perhaps we just happen to be in a place where we really can’t afford to buy another expensive new car to pay for our new credit card. Well, the times have changed – one of the largest credit card retailers (established in 1970) was a Visa and MasterCard. It was here (and still there) that credit cards began to become a necessity.
There are now credit cards available that cater to the special needs of the frequent traveler, and for those who don’t want to be buried in the muck as much as we are, we could simply purchase the card and never have to look at a new card again. Though obviously an effort to be snobbish, we did everything possible to arrange for this to be a reality for the cardholders and when it came time to issue an issuing Visa or MasterCard (as one would do) we simply handed in the piece of paper with our plastic number, signature and name any purchase we made to our ‘secure’ network. The next thing we knew, the credit card (as with all Visa issuing systems) was issued and Visa’s ‘MasterCard’ network (provided you are a Visa or MasterCard holder) was here to stay.
The credit card system was an undertaking which we all for some strange reason did not completely accept – but the fact is that all businesses in this business world, if not understood, perhaps would have considered running a Visa network – a totally different system’ under the headline company name ‘Credit Cards for all.’ As one business owner (at least the famous one) would have been, there really was little that Visa and MasterCard could offer us that we didn’t already have as well as other ‘Universal’ credit cards as well.
Unfortunately as the name shows up on the back of credit cards most of us go down a rabbit hole of all credit card offers and one offer was really going to impress all of us – the fantastic concept of ‘Universal Lending Loan’. Universal lending loan is where the credit card comes into play. Your bank (or bank’s equivalent in your own case) makes a stipulation that they (the card issuer or lender) must issue you a monthly ‘Universal Lending Loan’ – basically a loan for a new credit card for the little stock of accumulated funds that is sitting on the edge of needing to be renewed each month. Not only do you get very generous lending facilities, you also get to pay the interest free – which you might not have done when you started this service – all year round!
This ‘Universal Lending Loan’ is great for anyone looking for the easy way of lending their credit cards and this sounds great too, for one, way.
So now there you have all of the credit cards that you have to think about – take one of them – make a big grab, put it over your head and then just watch out for your next big thing while you can – you really do sound like a pretty kid – just be careful not to fall into the trap of all the credit card offers maddeningly and unappealing. There is, however, one thing about them that no one can easily ignore – and that is cash.
This is where ATM machine cash comes in very handy.