You make your payments on time at a 14% interest rate. After the economy goes south, the credit card companies raise your interest rate to 22%, and include your PRIOR transactions for the new interest rate. That is what happened to me with one card, and on another card, my interest rate shot up from 18% to 31% because they claim they received a payment late, although I mailed it more than 2 weeks before the due date .
But guess what I did? I paid my credit cards off, and then cut them up. These robber barons will never get another dime out of me. I am free.
I don't give a damn one way or the other what the government does to reign in abuse by credit card companies. I simply do not need them. If I want something badly enough, I will get it when I have the cash for it. No reason to have my pocked picked by excessively high interest rates, or having to submit to arbitrary rules designed for the express purpose of screwing you, right in the ass.
Credit cards - Who the **** needs them. I have cash and a check book, so **** 'em. I even cut up my debit card so the bastards can't make a dime in merchant fees from those transactions either. Consider this a complete "financial divorce".
Master card - Don't leave your home with it.
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