Credit Card Rate Hikes – Just Say No

by anne on April 15, 2009

no-to-credit-cardsBank 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,

annesig

 

 

Image from http://www.sxc.hu and adapted by me

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{ 3 comments }

Will Brown August 28, 2009 at 5:42 pm

I agree with you Anne, this country would be better off without credit card debt. With the lax standards many credit card companies use, CC debt is really unsecured sub prime lending. If sub prime mortgages with collateral can bring our economy to a near standstill, I don’t want to think what will happen if CC debt continues to grow. Jason Kelly at JasonKelly.com says if most people paid off their CC debt in full every month, CC companies would lose a lot of money. How did we get to the point where responsible lending practices were not profitable enough for lenders? It’s a long story with many voices trying to answer it.

ellie July 3, 2011 at 2:57 pm

Having lived credit free for the last seven or eight years I can attest to the freedom it brings. A simple thought–do I really need that right now–is ultimately my way to avoid all this usury. And when the crash came in 2008, I was amazingly untouched by it all!

anne July 5, 2011 at 5:29 pm

Thanks Ellie… me too.

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