Credit Card Companies Are At It Again

Not surprising, really, but the linked article says that credit card companies are creatively looking for new ways to squeeze more interest and penalties out of us.  By all means, read the article HERE.

I have found that the best way to beat them at their game is to NEVER carry a credit card balance.  Use a debit card, pay cash, write a check.  These methods avoid penalties and fees EVERY TIME. 

Things that make you go Hmmmmmm........

I thought we were in an economic downturn that would rival the apocalypse?  I thought credit was hard to come by?  I thought the sky was falling?  Then why the heck am I suddenly getting so many Credit Card Offers?

To be sure, these are financially tight times.  I don't want to downplay the seriousness of things, especially for those who've recently lost jobs.  But I find it weird that the credit card industry is cutting back with one hand and spreading their seed with the other.  I have had two Discover and two Chase credit card offers in the last 4 days or so and it has really caused me to raise my eyebrows. 

I know 4 doesn't sound like much, but considering we're on the 'do not solicit' list of all the major cc companies, 4 is a mountain.  My assumption is that at least some of the companies are on a major push to get credit cards out in time for the Holidays.  Not good.  Not good at all.

Read Em And Weep

Just read an article describing the bad and the ugly that is coming out of the new regulations for Credit Card Companies. Notice, I didn't add, 'good' to bad and ugly. There is no good. Sure, the CC companies will have to be more transparent in disclosing their fees and rates, but many of them are using the opportunity to raise those newly clarified fees. Yeesh.

There is a level on which I don't care what they do, because I haven't had a Credit Card balance in years. They could raise the rates to 300% and it doesn't change my world.

One interesting thing that came out of all this, though, is I found out I still have an open Credit Card account I didn't know about. I got a letter from a particular bank saying my cash advance limit had been reduced. Oh, darn. I thought I closed that with the rest of my Visa an Master Cards years ago. I certainly haven't used it. Oh well, it's closed now.

The first rule in the IOU NO MORE revolution, is "STOP BORROWING". That means Credit Cards, too. Don't give me the 'for emergencies' line, either. The emergency will be trying to pay the darned thing off.

Gotta get ready for work now. You can read the article HERE.