Credit Cards -- Bad for the average person?

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ducknald_don
Posts: 25
Joined: Thu Dec 17, 2020 12:31 pm
Location: Oxford, UK

Re: Credit Cards -- Bad for the average person?

Post by ducknald_don »

From: https://www.nytimes.com/2021/01/05/maga ... wards.html
According to a 2010 policy paper by economists at the Federal Reserve Bank of Boston, the average cash-using household paid $149 over the course of a year to card-using households, while each card-using household received $1,133 from cash users, partially in the form of rewards. It remains a regressive transfer to this day.

Alphaville
Posts: 2413
Joined: Thu Oct 03, 2019 10:50 am
Location: Quarantined

Re: Credit Cards -- Bad for the average person?

Post by Alphaville »

yes, i got tired of being on the subsidizing end.

BUT some of those rewards were available to me even on a low income via my credit union, using debit mastercard (not credit).

eg see: https://www.kasasa.com/

basically my credit union pays me to have an account with them, plus high interest checking up to a reasonable amount for a low income household.

as for the unbanked, paying only in specie and banknotes, ok, they're screwed in more ways than one.

so here's to the incoming administration enabling postal banking for the benefit of the poor (and the detriment of payday lenders).

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