what’s in your wallet?

God bless the few who have resisted the temptation or have mastered techniques to beat the credit card companies at their own game. But for the vast majority of us, these carry-in-your-wallet loans can be a blessing and a curse.

Wait, you mean somebody has actually figured out how to not be brutally raped by the credit card companies every month?  Who are these precious ‘few’ financial wizards, and can they teach these secrets to the rest of us?  Until then, who will find a way to protect us from these predatory institutions?!?!

Oh, what luck, it was a Senator that made the observation above.  Whew.  Now if only someone would Do Something

[headline in no way endorses that company — never had a card from them, never will]

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1 Comment

Filed under finance, politics

One response to “what’s in your wallet?

  1. Bryan

    Banks trying to make money? How dare they? I know it’s not always easy to resist the temptation of whipping out the plastic, but I remember one of the first “budget” lessons I learned was to not spend beyond your means. No one forced Wesley W. , one of the Congressional witnesses mentioned in the linked Forbes article, to put $3400 on a credit card for his wedding. Of course, the companies are going to mail you seductive offers. It’s the consumers responsibilty to decide whether they can resist or not.

    Not so long ago we were exploring some home loans and mortages. After reviewing our credit, the lender was going on and on about how they would loan us this and this. I finally told her to stop because what she was willing to lend us was far exceeding what we wanted to spend and what we could afford to spend on a new house. They give you enough rope to hang yourself, but that’s not her problem, it’s mine.

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