Credit Card Failure
Use a credit card like a sucker and you lose.
DON’T BE A SUCKER
Credit cards and the companies that issue them are no better than yesterday’s trash.
Or so it seemed from the information rolling out of both Washington and the news corp for the last several years.
The CARD Act was signed into law in 2009 with many of the changes taking affect the following year. Along with the Act came a brand new bureau to oversee the laws: The Consumer Financial Protection Bureau (CFPB).
Consumer Financial Protection Bureau changes
In a report on their web site, the CFPB calls the following changes ‘significant’:
- Jacking up your interest rates: not as often.
- Late fee amounts: substantially reduced.
- Over limit fees: damn near gone.
- Significant confusion: remains.
Fees and exorbitant interest rates continue to exist. The companies have to tell us first but it’s in print so small even my eagle eyed kids can’t read it.
Bottom line: fees are not gone.
Companies are going to make money or cease to exist.
Fact remains:
Use a credit card like a sucker and you lose.
Credit Cards
How to avoid being a sucker:
Only use cards if you can pay them off every month, and you can truly, surely, and verily not be tempted to overspend!
There are internet sites to help you find the best cashback credit cards or cards with bonuses like 5% cash back on gas, or other extras that might work-for you.
Credit cards can be a useful financial tool. If you use credit cards wisely, they won’t monstrously devour your life and sanity.
Be wise with credit cards.
Or run from them like the devil himself is after you.
Because he is.
Reader Questions:
Are you afraid of credit cards? Do you have a reason to be?
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