Bank of America, and Discover have once again arbitrarily raised the rates on their credit cards; others are expected to follow suit as they scramble for money in spite of tax payer bail outs.
I’m not against the bail out exactly. I think Obama is doing the best he can in a horrid situation with a congress that still isn’t doing what the folks who voted them in want.
However, the rate hikes are shameful. I don’t know when we lost the concept of usury. Back in the 300s usury laws prohibited the charging of interest on loans. Period. Gradually, at least in the western world, those laws were loosened and usury laws came along to limit the amount of interest charged. Today, of course, all breaks are off and credit card companies are allowed to charge, for the most part, whatever they want - it’s all in the name of so-called free enterprise.
Although I’m in favor of establishing reasonable limits on interest, there’s another, quicker individual solution:
Stop using your credit cards altogether!
Sound radical? Look at the interest you’re paying… really look. Do you know how long it will take you to pay that off? BankRate.com has a nifty calculator.
Cut the darn things up and figure out how to pay them off. You’ll be far better off, believe me.
If everyone would stop using the darn things our world would be a much different, and I think, better place.
What do you think? Leave a comment.
Love, blessings and prosperity,
Image from http://www.sxc.hu and adapted by me
