Posted on 02/23/2010 4:13:26 PM PST by ToughLove
How many times must we learn the painful lesson? What will it take for us to recognize the near-universal rule governing the outcome of any unwieldy Washington-driven "reform" effort? That rule is: When the government attempts a big fix for something, watch out below! Duck and cover! Run for your liberty-loving life! The fix will, in all likelihood, come crashing down around us; even as seemingly oblivious lawmakers continue to pat themselves on the back for a job well done.
Such is the sorry case with the so-called credit card reform act of 2009 — all but buried among the wrack and rubble of a multitude of such massive makeover attempts by the liberal crusaders. In its predictable activation of the law of unintended consequences, this sweeping "consumer protection" law should be a stark lesson in what not to do with regard to another far-reaching reform effort — the health care fix.
(Excerpt) Read more at renewamerica.com ...
Congress didn’t do a damn things about usury laws (An excessive or illegally high rate of interest charged on borrowed money) of course they relied on CC lobbyists to ignore any aspect of meaningful protection then delayed implementing the new laws for about a year, time enough for CC to position themselves by slashing or eliminating lines of credit and raising interest rates even if you were a day late on a payment or not late at all.
I got out of the credit card “business” while the getting was good. Wife and I now have no debts other than a house, a 15 year, fixed-rate mortgage that is roughly a 1/8 of our monthly income (in a good neighborhood, to boot) and less than $800 a month payment on two cars (and a third, my Jeep, which is already paid off).
It is all about living within your means. Nice stuff is wonderful, but it is stuff. The debt will have a far bigger impact on your life than the nice things ever could, and it will be NEGATIVE.
It feels SO good to be out from under all that debt. Never again!
Pay your bill in full every month and you won’t have problems.
I Just got a letter from BofA informing me that they are issuing me new cards with new numbers and are dropping my $30,000 credit limit and the new cards will have unlimited credit and no anual fee.
Everyone saying that you are a bad customer if you pay you bill in full every month is out to lunch.
Take 10% or so of that saved cash and buy physical gold and/or silver or at least a mutual fund in gold miners to cover any loss in dollar value with the onset of hyper-inflation. You’ll be glad you did. It’s only a matter of time before states have to be bailed out by electronic printing of money.
Pay your bill in full every month and you won’t have problems.
I Just got a letter from BofA informing me that they are issuing me new cards with new numbers and are dropping my $30,000 credit limit and the new cards will have unlimited credit and no anual fee.
Everyone saying that you are a bad customer if you pay you bill in full every month is out to lunch.
One step ahead of you. Just got some Silver Eagles last week.
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