What is a credit card?

What are the effects to have your credit card bill date on the same day as your pay day?

• Can we control all companies to have their pay day one day after or on the same day as the credit card bill due date? Would this at least apply for Banks internal process and their subsidiaries? Would it help people to pay on time and lesser likelihood of defaulting? Would there be lower probability that Banks earn less interest from people delaying their credit card? How many people spend 3/4 of their salary in one or two weeks time from pay day? Is it a good or bad thing to have the credit card bill date to be three weeks or later from pay day? Would it in anyway encourage some people to pay their credit card bills immediately upon receiving their salary? Would it hinder economy progress to have lesser people defaulting on their credit card bill? Do the Bank care about the employees, people, customers or .... ? How about giving people the option to auto deduct from their savings account to pay the credit card bill upon credit card due date, provided the salary pay day is 1 or 2 days after the credit card bill date. --------------------------------------… What can we learn from this? --------------------------------------… Think up the things you can do to make a positive change at NO Cost. How many can you come up with? --------------------------------------…

• Answer:

  Are you aware that people can change their credit card bill date? It's not difficult for anyone to change their due date to match a more convenient time. It's not the credit card's responsibility to do this. This is the whole purpose of a credit rating system. To add, A person who manages to spend 3/4 of their salary in a couple weeks shouldn't even have a credit card to begin with. Perhaps it's because living costs are so high these days, but a responsible person would never spend more money than they have. You are essentially borrowing money when using a credit card. Your whole logic behind the idea that matching the due date with the payday will solve the issue is very flawed. For the first month, it may work. But what about the months following that? A person who spends more than they have will incur more and more debt. People who go into debt go into debt because they spend more money than they have, not because of billing dates. The only real solution is to educate the people that credit cards aren't a piece of magic plastic.