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Credit cards in today’s times are a necessity, or are they? Credit cards are used in everything from gasoline for our cars, to purchasing any imaginable item on the internet. A question comes to mind, is cold hard cash a thing of the past? A lot of people think so.
On the other hand, there’re a lot of people see credit cards as kind of a wolf in sheep’s clothing. Credit cards make buying on time all too easy, and the consequences are big debts, high interest rates, and the ability to make minimum payments which keeps you indebted to the credit card companies for a long time. Credit card companies survive and prosper by keeping people in debt as long as they can. Credit card companies set at a round table with the big executives discussing ways to lure more people in. As the editorial from the Columbian, in Vancouver Wa., wrote:
Feb. 23--Three of the most feared words in America today are -- or should be -- "important terms enclosed." Often those words appear on envelopes from credit card companies. You can bet your bottom dollar (but don't charge it) that those three words do not herald good news. Before elaborating on the negative numbers inside those envelopes, we'll proffer some positive news. Americans have gained greater control over their credit cards, thanks to new rules passed by Congress last year, implemented to some degree last August and to a greater extent on Monday. The new regulations outlaw many of the egregious exploitations deployed by credit card companies. A couple of the more dastardly gimmicks were retroactive interest rate increases and hidden fees. Not only are Americans more in control, they're better informed about their credit cards. New rules mandate clear explanations to cardholders, and the crucial facts must not require a magnifying glass to find, as in previous years. According to the Pew Safe Credit Cards Project, these devious, hidden and hair-trigger dollar-grabbing devices by the credit card companies were costing consumers $10 billion a year. |
