Peterson's Opinion On Credit Cards
More and more credit card companies are making it easier for people to buy items such as drinks and cinema tickets, eliminating the need for people to sign for the transactions. This practice is ringing some warning bells amongst consumer advocates and debt counselors.
It's the simple act swipe-and-go at many cash desks that debt counselors say that makes using a credit card far too easy.
"We don't have to think anymore," said Mike Peterson with the American Credit Foundation. "We see this quick-pay technology as another method for the credit card companies to increase their take by helping individuals to more freely spend their money without thinking about it."
Peterson says people need to remember they're paying a huge amount in interest for the convenience of not standing in a queue for a few moments. For that matter, Peterson says debit cards are better, and he reminds people never to charge to a credit card you don't intend to pay off at the end of the month.