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.