Credit Card Comparison Shopper Dies from Complications
Do you comparison shop for gasoline?
If so, no big surprise.
Nearly everyone I know comparison shops when it comes to buying gasoline for their automobiles. Oddly enough, most will even drive miles out of their way just to save one or two cents per gallon.
On the other hand, of all the people I know who comparison shop for gasoline, none to my knowledge comparison shop for credit card balance transfer offers.
Why is that?
I believe it's because there are so many variables from one credit card offer to another, comparing them can be confusing even for passionate number crunchers such as myself (credit card calculators are the most complex and time-consuming of all the calculators I create). The average, math-phobic person doesn't stand a chance.
Now, just imagine if every gas station sold its gasoline in different units of volume. Some stations sell gasoline by the ounce, some sell by the liter, some by the quart, some by the pound, and so on.
Now further imagine that every gas station sold gasoline brands that varied in combustibility, meaning each brand would propel a vehicle random distances given equal volumes.
If that were true, do you think people would comparison shop for gasoline?
In fact, it would likely cause the death of gasoline comparison shopping -- a death due to complications.
You see, this is what gives credit card companies a blank check when it comes to ripping off consumers.
They have made their offers so complex and so full of ticking time bombs that the average person has no way of knowing which credit card transfer offer is the best of those that are being offered -- much less which will cause them to become a future soup kitchen patron, and which may not.
And while our government has made a minimal effort to force credit card companies to disclose their ticking financial time bombs to consumers, little has been done to educate consumers to the point they can clearly see just how devious and manipulating credit card companies are.
If the government has to step in and force a company to disclose the drawbacks of its product, and the company complies by displaying its mandated disclosures in unreadable, fine print, how can anyone trust that company enough to become one of their customers?
Millions do every day.
If you ask me, making declining minimum payments to a credit card company is like shopping from a neighborhood grocery store who restocks its shelves with groceries stolen from the neighborhood.