I say throw out all the laws and regulations obama has passed and pass one simple, easy-to-understand law. Credit card companies must offer consumers savings accounts with the same rates they have on their cards. That would fix them once and for all. I’d be glad to put $500 in the bank with a 19 percent interest rate.

They did invite this upon themselves. They had the bankruptcy laws changed to help them… and they have been preying upon less fortunate for a long time. I remember when I was in college, they even told me to put down my student loans as “income”. Imagine calling a loan income to secure another loan. Only a credit card company would accept that! I had no other job at the time, and still they approved me for a $500 card based on my loan “income”.

I stuck it to them recently. I used my tax return to pay off almost all my debt, and I closed every credit account. I owe $1000 to two companies. The accounts are closed and will be paid off by thanksgiving. When asked “why are you closing your account?” I tell them “because I’m not going to owe anyone anything, any more.” I know I’m taking a hit on my credit score for it, but when you open the mailbox and there are no bills inside, it feels so much better than a good credit score.

Spend only what you have, not what you are GOING to have…