Are Credit Card Companies Pushing Debt, You Bet!
I just received a replacement credit card in the mail for one of my long standing credit cards. When I called the number listed to activate my card I was asked to call from my home phone or wait to speak to an “account manager”. The reason for this is that my “home phone” is a cell phone which confuses their computer system as it only recognizes land lines as a “home phone”.
I was put through to an “account manager” after only 2 rings and she quickly activated my card and explained the problem with the computer system. Then she proceeds to attempt to persuade me to take advantage of my special low rate for balance transfers and access checks to pay off some of my high interest debt. This is pretty normal and I explained that I have paid off almost all my credit card debt and it was at 0% which was better than what they were offering.
Then she suggests that I instead take advantage of the offer to invest the money to get a higher rate of return. I was completely surprised. I know that these account managers likely get a commission of some sort for each person they get to sign up; but to have her suggest to basically take a loan against a credit card to invest in a better yielding asset just proves to me that the credit card companies are truly pushing hard to keep the average American maxed out.
I know that many individuals have been able to make this work to the tune of a couple hundred dollars of profit a month but I don’t feel that it is worth the effort. I have enough debt as it its and work in a field that helps me truly appreciated the uncertainty that there is in life.
