The present economic crisis has everyone afraid of what could be. Many economists saw it coming and tried to warn us all. This new plan to bail out the suffering businesses is scary because the cost will most likely fall on the tax payer. Personally, I cannot afford the bill.
President Bush went on TV this evening and laid the blame on everything but where it belongs...on this administration! His administration's support of the credit industry has lead to the problems we face today. He stated that the influx of foreign investors started the ball rolling...not true! The failure of the Bush administration to hold the credit industry accountable for their predatory practices was the "beginning of the end".
The credit card industry has been one of the largest, (if not the largest), financial supporters of the Bush Presidency. Their campaign contributions kept the heat from the industry players. It started with the credit card industry and the primary way to slow the snowballing problem down is to make the credit card industry stop their predatory practices. The public needs to be made aware and encouraged to to STOP using those cards and begin purchasing what they can afford to pay cash for. Getting something you want with a 29% interest rate attached is anything but practical. Having to pay enough late fees that your minimum payment automatically doubles is not the smartest thing for a consumer to continue to accept.
My suggestion...cut up the cards. Keep one for dire emergency.. Use Cash for everything. Hold them accountable...Free yourself from the yoke of DEBT>
There are solutions..research and use them.
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