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Thursday, December 18, 2008

Comments

Credit Guide

This is a great post. Thanks for sharing the information with us. If I might add, I think that the economic situation that we now face should teach us all a lesson. While we all need credit, and the credit card is a very valuable part of our bartering, we need to exercise so much more prudence in how we use our credit. I do not for example, support the culture of having four or more credit cards. When this happens, this is an indication that there is a problem in managing one’s finances.

I am not much of an economist, but there are some basic rules my parents taught me, and they have worked well for me:

Rule #1: Money does not grow on a tree.

Rule #2: Do not live beyond your means. If you can’t afford it, do without it!

Rule #3: Always differentiate between your wants and your needs.

Rule #4: Do not delay settling your debt. They will overtake you.

Scott

I'm personally not too keen on the plans to increase interest rates.. how do you feel about this?

Debt consolidation

Brad

This must be in any law in regards to credit cards. The credit card issuers must not be allowed to let the debt on the credit card increase for example in to the thousands of dollars and then for no justifiable reason increase percentage rates. A card that starts out now at 10% interest rate can suddenly become 28% or whatever the max. the law allows making it impossible to pay off.

Rob - Credit Card Debt Law

Does anyone have any good insight into #3? I've been struggling with why the Federal Reserve would require consumers make more than the minimum payment in order to allocate the money in a manner other than the lowest interest rate balance.

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