Jo's Cafe

When the SGM(r) was in Afghanistan, I took that opportunity to pay off all of our credit card bills.   Yup, we don’t have one with a balance other than store cards ( and they get paid off month to month ).  The one thing I hated the most about credit cards was if you missed a due date by one day, up went your rate.  That was another reason I went to online payments - stopped that right away.

Lots of folks have reasons for using credit cards, convenience, not wanting to carry a lot of cash, etc.   There was a time many years ago that I lived on my credit cards and when the SGM(r) was in Korea, the Army stopped paying us because of a computer glitch.  He lived on a credit card until it was all worked out.  Still we had to pay off the balances. 

About five years ago, we sat down with all our bills and took a hard look at them.  We were better off financially then and realized the credit cards were not needed.  We forged a pay-off plan and worked hard toward that goal.

The trip to Afghanistan stopped the federal and state taxes from his check.  The extra funds were sent toward the credit card bills and within a nine month period they were gone.

It looks like the feds are finally getting a clue as to how evil credit card companies really are.  They provide a service then tie you up in a package and keep you there, drowning in debt no matter how hard you work to pay them off.

Fed to rule soon on sweeping credit card changes

 SIOUX FALLS, S.D. (AP) — Credit card companies could no longer boost interest rates on existing account balances if the Federal Reserve adopts new rules as written at a meeting set for Thursday.   [...]

…a letter from a single mother of three in Florida who wrote she paid her bill on time but her interest rate shot up from 7.9 to 29.99 percent.

“I would have been better off going to a loan shark. I think their rates are more reasonable,” she wrote.

The changes under consideration would ban that practice and others considered by some to be unfair.

Of course its unfair.  If someone is paying off their balances, even if its the minimum a month for a while, then they should not be punished!  My god, these people are worse than the mob and their shake down tactics!

Let’s hope these new changes get pushed through so people can get out from under this debt.

Cause you know we small folk aren’t getting no damn bailout.