Although President Obama signed into law new credit card reforms, the banks once again are going to bleed the American people before this law takes effect. Talk of higher interest rates, new and higher fees, and continued scaling back of credit will play mind games with those who live off of this credit game.
Don't you just love our society and our love for living and getting by using credit? Perpetual debt and uncontrolled spending is what got Americans into their economic woes along with living beyond their means and thinking materialistic products define who and what people are. Social status based on credit and materialistic goods has become the norm, at the same time becoming the den of economic collapse.
Consumers, brace yourselves over the next 9 months if you are a user and abuser of credit cards. You may end up owing more than your balance, pay for more ridiculous fees and pay more in the long run because of higher interest rates.
If you had a a credit card balance of $1700 and paid only the minimum payment every month, it would take you over 20 years to pay off the principle balance. Stop spending, pay off your credit cards, live in your means, save your money for things you want to buy or continue your ways and pay forever.
Here is a link to a story at MSN Money: