Wednesday, September 24, 2008
The Credit Card Story
I was watching the Dave Ramsey show on TV today and he had a very interesting guest. His guest, Elizabeth Warren, gave a very critical (but honest) and very succinct overview of the credit card industry. She carefully outlined all of the ways that the credit card industry goes out of its way to help keep credit card holders in perma-debt and very often helps push them over the edge of bankruptcy. While I realize that getting into debt is the fault of each individual who chooses to use credit to their detriment, a lot of the scams perpetrated by the credit card companies is unconscionable--shooting up interest rates even if you have been a perfect customer, changing due dates without notice hoping that you won't notice and will therefore incur further fees by paying late, excessive fees, etc. I couldn't find the interview that was done on Ramsey's show, however the link below will take you to an interview that she did on PBS. Check it out at http://www.pbs.org/wgbh/pages/frontline/shows/credit/interviews/warren.html
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Gotta have at least a years worth. By then those who have not prepared will have either moved on or, and I hate to say this - died off. Then things will be much easier after this initial winnowing.
ReplyDeleteFirst off, I love Dave Ramsey.
ReplyDeleteWe have just cut up all our credit cards, but you know the funny thing? If you look at our past years charges, you would see the grocery store, the gas station, the Warehouse style stores(BJ, Costco) for us to buy food and keep our cars running.
We are lucky enough now that my in-laws help us with some groceries, but it is tough. There is nothing more grounding and sad, when you have to take $20 and that is your limit for produce for a family of 4 for the week, and $60-100 for groceries. What you have to know is that we do not eat out...ever. So our grocery bill has to be stretched.
Got to love this economy.