> In times of basically zero interest a 30-day free loan doesn't sound like a very convincing argument ...
Look at it this way -- for 30 days, you have access to funds that the poor person doesn't. Interest or not, you have more financial latitude.
Also, people who automatically and fully pay off their cards every month tend also to be the sort of people who have most of their money in investments that yield reasonable interest returns (like equities), not zero-interest bank accounts. So for them, the saved money is kept in a worthwhile investment until the moment it's needed.
I personally think the difference between the financial condition of the rich and poor, and the choices each make, is terrible and unjust. But after I've empathized with the poor, I know which group I want to belong to.
I stopped using my CC almost completely a while back. The reason is "simplify your life". Why should I keep track of several accounts when I can have only one? My life got a bit simpler since then, and I don't regret it.
About thirty years ago, before I had a credit card, I tried to rent a car at an airport, but they refused me because I didn't have a card. I didn't fully understand the details, but it seemed they had an easier time identifying you and getting paid if you possessed a credit card. And interestingly, what they were doing was technically illegal.
So I called a TV station news department and told them about it. They called the rental service, who naturally enough said, "Oh, no, that's not true!" I explained to the reporter that asking wasn't going to work -- he needed to go to the airport and try to rent a car without a card, with a hidden camera. He did, the ruse worked, he was flatly refused on camera, and it was a big story.
So I like a simple life too, but the combination of having a 30-day float and being able to do certain kinds of transactions that require a card, have resulted in my having one -- one! -- credit card.
Look at it this way -- for 30 days, you have access to funds that the poor person doesn't. Interest or not, you have more financial latitude.
Also, people who automatically and fully pay off their cards every month tend also to be the sort of people who have most of their money in investments that yield reasonable interest returns (like equities), not zero-interest bank accounts. So for them, the saved money is kept in a worthwhile investment until the moment it's needed.
I personally think the difference between the financial condition of the rich and poor, and the choices each make, is terrible and unjust. But after I've empathized with the poor, I know which group I want to belong to.