Sunday, May 27, 2007

We Have A 'Love-Hate' Relationship With Credit Cards

So says the Washington Post's Kathleen Day. You Can read here about how many transactions we make daily (way too many). While we love to use them we don't like some of the policies.

For example, did you know your credit card provider might increase your interest rate if you default on a different credit card?

Of course then there is The United States' debt; $148 Trillion, or about $161 k per person. Yikes.

MSN Money had a decent article on controlling your credit card debt. You can read it here.

Apparently Congress is finally getting into the act on getting Card Issuers to cap the amount of charges they will allow to accrue on late payments. Michigan Senator Carl Levin is one of the sponsors of the bill and you can read a speech he made on the topic here.


Kristal said...

Use credit cards has become very scary. So many people are addicted to having "stuff" right now. What ever happened to saving up and paying cash?

Cleveland Carole Cohen 3C said...

Amen to that Kristal. I was pleasantly surprised to get responses from two young adults that they vetoed the ATM card idea because it was fiscally irresponsible!