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I especiall liked the part where all the major banks set up shop in one state where the consumer credit card interest rates were not regulated. That was pretty slick. What we didn't know certainly hurt us that time. Interest rates went from 9% to 19% in one move.

BASTARDS.

i have solved the problem for myself. i know it is a radical idea, and rick is prone to radical ideas, but this idea works for me.

i have no credit cards except for gas, which is always paid in full upon receipt of the bill. i used to have every credit card my wallet could hold. most were in the 9% bracket.

i use a bank debit card which is also useful for online purchases as a credit card, except the money is taken from your acct and you have no bill.

people that promise themselves they won't use a credit card again but won't destroy the cards they have, are not serious about their budget.

what about an emergency? what about when i have no cash with me? what if, etc?

these are the fears the credit card companies have instilled in most people.

but what if it is on sale now and i can't afford it for another week? anything you save will be eaten up by credit card interest.

the new target are the people who cash checks a week or a few days before "payday." the interest can run to 700% with holdovers till next payday, etc.

pay yourself 10% of your take home and put it in a seperate bank accout. pay yourself first, then the house payment, then the car note. at the end of 1 year, you will have over one payday's take home, in the bank, saved, in your own pocket. save it for the emergency that you've already taken car of as you went along.

start your kids with a savings acct the first time they see money either because they baby sit, or they get an allowance. 10% of everything they make and untouchable until they reach 21 or 18, whatever. it starts small and you may have to pad the acct to open it and tell them as soon as they have enough, you will remove your "loan." once they start a part time job, the money will build fast. at 21 or 18, show them how to borrow the money against their own money for their car.

teach your kids anything you want about religion and politics, but at the very minimum, teach them how to deal with money. they will need this information the rest of their lives.

there was a time before credit cards, and it worked quite well.

Rick.... VERY well put!!

I wish I would have known all of this back in my college years. I get a thank you card every Christmas from my credit card companies. :-(

Marke

"i know it is a radical idea, and rick is prone to radical ideas"....??????

What???? I'm shocked!!!! Rick is prone to radical ideas??????

LOL!!!

By the way...

Rick... Happy Holidays to you and Toby!!!

John

Good one Rick! I learned my lesson the hard way about credit cards in the eighties, then, after rebuilding my credit, I married my 2nd wife and between the two of us mad over $100K. When we split up, "my share" of the bils put me darn near where I was in the eighties! I'm digging myself out of that one now, and I too, am only using a bank check card! And gradually paying off all those other accounts so I can get a mortgage.

THOM

i just book marked it for tonights reading. i tried dog earing it but the monitor wouldn't fold.

Guilty; I worked for a major credit card issuer for about 4 years (kick self in a$$). The job was outsourced. Now in the middle of licensing toward a career change and breathing much easier and even sleeping at night (pats self on back). Read EVERYTHING your credit card issuer sends you, E-V-E-R-Y-T-H-I-N-G !!! Read Rick's post.
Art