Credit Card News

For year’s credit card Company’s have dangled the old "you can have what the Jones have", in front of people; and for the most part it worked and they have profited from it.
It is a tragedy to say the least to have any consumer pay in excess of reasonable interest rates. I knew of a family that missed one payment, (first ever) and their interest rate went from 8.99% to almost 23%. The only way to totally put an end to the abuse from the lending institutions is to do as Dave Ramsey does and take the credit cards and cut them up.
Go a head and close the credit card. Yes, you will have to repay it but you were paying it anyway. Put extra money, or find extra money each month to totally pay it off. In the long run, you will be the one coming out on top.
In this week’s newsletter from The Budget Stretcher there is a great link to another website called Credit Card Law regarding recent changes within the credit card industry that is worth reading.
I will admit that I am quite biased regarding the use of any credit cards but that is because I no longer use them which is a personal financial choice and one I have not regretted in 6 years since I cut mine up.
With today’s economic situation finding value for your dollar and making it stretch just a little farther is what we are all striving for.