Originally posted by thegoods724
I dont see why they would decline purchases over 50 dollars, just use a credit card and get rewards points. The only people it will effect are the
businesses you buy things from who could get away with it costing the business less to use debit. No one should be using debit theres no point,
unless you do so to not make the banks richer.
Unfortunately you are missing a VERY BIG piece of this well orchestrated economical puzzle. Here how about I shine a little bit of a different
perspective on this latest soon to be nail in the coffin. You see it really is not so much about making people to have to begin to use their credit
cards only to make "the man" richer through interest rates...in fact I believe it has little to nothing to do with that, and more to do with the
continued destruction of Americas middle class (or what is even left of the middle class) to lower class people in society.
How is that? Well allow me to come from PERSONAL EXPERIENCE here for a moment. I joined the military at 17 years old in 1989. Served my country 20
years, 1 month, and 26 days and retired from active military service June 1, 2009 as a 10% rated combat wounded veteran where I began drawing my
military retirement pension of the large sum of about $800 a month ($530.00 a month goes towards child support of my 12 year old son whom lives with
my ex-wife who was given sole custody during our divorce hearing due to me having been assigned to a joint special operations unit and because of the
fact that I would often be required to deploy to anywhere in the world on a 24 hours notice, and due to my team being real world contingency based we
often didn't know for how long when we would deploy, so since I 'would not be available" to make urgent decisions regarding my son, I was denied
ANY custody whatsoever and 100% legal and physical was given to my ex, but that is another story).
Throughout my entire adult life I made my payments on time and once I had credit established, I remained above a 700+ score. I retired with a
science degree, top secret SCI security clearance that was active, YEARS of specialized experience, a 996 Porsche 911 with super low miles, an E46 AC
Shnitzer BMW M3 (it was a COMPLETE AC Shnitzer modified BMW that cost $28k in addition to the price of the car), blah blah blah....I basically was
SET! Simple enough right? Just retire, get an immediate lock on that killer job that I had spent years prior preparing myself for, and continue to
increase my income relative to my age. All was well.
I could NOT have retired from my $90k a year (I was a senior NCO) job at a worst time! June 1st, 2009 and by August 2009 my life was in complete
tailspin as I was in the process of losing everything that I had worked hard (if putting your life on the line doing multiple Iraq Afghanistan
deployments where I had actually gotten hit outside Kandahar October 29, 2001 counts?). And guess what folks....I DID LOSE IT ALL. $20K Discover
Card credit limit, the cars, lifestyle, and almost my life...everything was gone and I couldn't even provide for my family (even though there was not
a single interruption in my $530 a month child support, they made sure that kept going even though on top of that I would buy my son
anything/everything he needed).
So here is the deal....I NEVER GAVE UP! It was hard but I refused to quit! BUT mind you....I had to do it without a credit card because those were
long gone as was everything else with my bankruptcy. The continued job interviews, air fare (at this point I was willing to go ANYWHERE the job
was...even to the point of getting on a small 3 month contract with Lockheed Martin in Tampa, FL and my family moved back in with her parents in San
Diego, CA which is where I retired and lost everything at)....so ALL hotel rooms, car rentals, airline tickets, food, you name it had to be done with
a DEBIT CARD. And LET ME TELL YOU A LITTLE SOMETHING ABOUT USING DEBIT CARDS buwhahahaha....you are damn near LOOKED DOWN UPON LIKE SOME KIND OF
CRIMINAL OR SECTION 8 RENTER DRUG ADDICT when having nothing else but a debit card in which to do your transactions with
Oh SURE you can rent a car on it, but not until after you fork out an additional $400 to $750 deposit ON TOP of what the rental is gonna cost!! Oh
yea....the joys of struggling to come back on top in life again with having only a debit card in which to do it with. But here is the deal....after a
year (almost to the day) of aggressive continued searching, I was able to get my career off the ground (May 24, 2010) and I have been trying to
rebuild (albeit no longer being a prisoner of my possessions....basically if life ends up having to be the teacher like with what I went through...YOU
WILL COME OUT OF IT A CHANGED PERSON without a doubt!!) so I am now doing do but not so recklessly and am actually quite thrifty if you will. I have
ONE CREDIT CARD that has a $750 credit limit on it, and a car payment (I DID get back into another E46 BMW M3 as THAT was about me...it is kind of
personal but that was my gift and only gift to me for not giving up...even when I almost gave up my life in the process), but that's it...no more
debt only use my own money for what I can afford.
So where am I going with all of this? Sorry for what might come across as nothing more than a rant. My intentions were to put it into
perspective....a perspective that unless life itself teaches you (like in my case), it is very difficult to grasp, so I wanted to share as much as I
could and as it pertains to debit cards. In closing let me just say:
IF I COULD ONLY HAVE HAD $50 IN WHICH TO DO TRANSACTIONS WITH, I NEVER WOULD HAVE MADE IT BACK ON TOP....NEVER!! Our system is a system that if you
are down...IT IS DESIGNED TO KEEP YOU DOWN!! This $50 cap on debit card transactions AT A TIME WHERE OUR COUNTRY'S PEOPLE HAVE BEEN FINANCIALLY
DEVASTATED...IS ONLY MEANT TO DO ONE THING AND ONE THING ONLY...TO BE THE FINAL NAIL IN THOSE AMERICAN COFFIN!!
Sorry for the all caps ya'll, but THIS right here is HUGE if it goes through. I am no prophet or Nostradamus but I will make a prediction right here
and right now...if THIS goes through, it WILL be the tipping point. There WILL be blood in the streets because it will literally destroy any
ability/hope of those trying to rebuild and get their lives back on track. Sorry for the long rant. As you can see....this was very personal to me
and deeply saddens me to even hear that they are suggesting to enact this. Many will suffer if they do