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> On the other hand, credit cards' pitfalls are intentional rules that have no other purpose other than to explicitly be "sharp" and "cut" careless people. You
by nyokodo 4y ago
> On the other hand, credit cards' pitfalls are intentional rules that have no other purpose other than to explicitly be "sharp" and "cut" careless people.
You already mentioned one way to ameliorate this that worked for power tools, regulation, that doesn't involve abolishing them. That might work, but far better is to reduce the number of careless people through education.
- Nextgrid 4y agoWhat makes credit cards "credit cards" is not some technical difference but the fee schedule and repayment terms, which are currently intentionally obtuse and "sharp" so that people who get "cut" subsidize perks for those who know how to play the system to their advantage. If you regulate those away it will just become the equivalent of a debit card with an overdraft attached, essentially abolishing them. > far better is to reduce the number of careless people through education. Maybe. If there's no safer way to achieve the task at hand (like with power tools - the tool is inherently designed to cut things and will cut limbs if misused), sure. But when the danger is intentionally introduced into the system with no other purpose than to subsidize perks for the well-off, is it worth keeping? Why not also extrapolate this and make fraud and scamming legal and instead blame victims for their lack of care and education?