In God We Trust

Teaching You How to Get OUT of Debt and Live Debt-Free

Archive for May, 2009

May
22

This day, President Barack Obama signed legislation limiting how Credit Card companies can charge or change fees and conditions. It is hailed as a boon to the roughly half of Americans who hold $2.5 Trillion in Credit Card Debt…

I vote for the consumer.

Yahoo News reported:

Obama made clear that he didn’t champion the changes with the intention of helping those who buy more than they can afford through “reckless spending or wishful thinking.”

“Some get in over their heads by not using their heads,” the president said. “I want to be clear: We do not excuse or condone folks who’ve acted irresponsibly.”

And yet, he said, for many of the millions of Americans, trying to get out of debt has been made difficult and bewildering by their credit card companies.

As good as it is to have Credit Card companies exhibit a bit of restraint on squeezing their captive market, it is better that their market abandon them.

By this, I mean that you should rejoice that it will be easier to get out of debt – and then do it. Get Out of Debt. The only way to beat the house is to get out of the game. Get out of debt.

Let me know if I can help.

John L