The Whiny Credit Card companies finally got what they deserved

            I would normally be the last one to defend consumers with too much credit card debt but this is one time that the credit card companies have gone too far.  The bill that just passed Congress will put restrictions on how, when, and how much credit card companies can increase interest rates and fees.  Back when I was in my 20’s and 30’s  I had way too much credit card debt and was only able to make minimum payments all but one card where I paid as much as I could.  I wonder how much longer it would have taken to get out of debt if the credit card companies had the ability to raise the interest rates on my outstanding debt just because I was carrying more debt than they thought was appropriate even though I never missed a payment. I eventually got them all paid off and have always paid in full since then. The credit card companies have said that the current changes from Congress will increase fees and costs for everyone.  Well they must have gotten advance word on it because I got a notice from my friendly credit card company that my interest rate is going up over a month before this bill was passed.  I don’t have any outstanding debts.  No none!  No mortgage, no car payments, no month to month bills of any kind.  I guess I was carrying too much debt or something like that.

            My suggestion to the banks would be to never extend credit to some of the dirtballs that they’ve extended credit to in the past that they never should have.  That is how we got into this subprime mortgage mess too, how they now have current credit card debts they have to write off and they’re trying to stick us with.  There is absolutely nothing wrong with tightening of credit,  getting rid of people who shouldn’t be extended credit.  It would do the country a lot of good over the long term to have stricter lending.  It would save us all a lot more money than extending credit to people who don’t deserve it. 

            Parents don’t take enough responsibility in teaching their children how to handle credit.  We gave our kids each a credit card to use once they started to drive.  Of course the credit card did not have an annual fee and it provided a cash reward.  Some items charged were understood that we would pay for but anything else was paid for by our kids.  There were some interesting lessons learned while discussing a couple charge statements when those other items needed to be paid for. Those types of lessons are not soon forgotten.

            By the way, what is the current cost of the bailouts?  Banks, please spare me.  People who pay their bills on time always pay for the ones who don’t.