Comments on: The new credit card rules start today 2.22.2010 http://www.totalnoid.com/2010/02/22/the-new-credit-card-rules-start-2-22-2010/ Random Noid Musings Sat, 28 Jan 2012 03:38:53 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Jacob Marta http://www.totalnoid.com/2010/02/22/the-new-credit-card-rules-start-2-22-2010/comment-page-1/#comment-10095 Jacob Marta Wed, 03 Mar 2010 19:04:30 +0000 http://www.totalnoid.com/?p=4982#comment-10095 That is an excellent update on the bill. There are some great reforms in the bill, however we all know that the credit card companies will simply find new ways to entrap consumers into high interest rate debt. My personal belief is that we need to change the attitudes and perception of credit and debt. Today it is natural to use short term high interest debt to finance every day purchases, food, clothes, entertainment etc. This helps consumers support a false sense of wealth and security. When we learn that we must invest in ourselves before we allow ourselves to purchase luxuries then we will relegate credit to its proper place; as part of a business practice to leverage debt as an investment in assets that you can get a return on. Reject credit cards and all short term personal loans and try to create a plan to live a debt free life. Cash only and invest in yourself. That is an excellent update on the bill. There are some great reforms in the bill, however we all know that the credit card companies will simply find new ways to entrap consumers into high interest rate debt.

My personal belief is that we need to change the attitudes and perception of credit and debt. Today it is natural to use short term high interest debt to finance every day purchases, food, clothes, entertainment etc. This helps consumers support a false sense of wealth and security.

When we learn that we must invest in ourselves before we allow ourselves to purchase luxuries then we will relegate credit to its proper place; as part of a business practice to leverage debt as an investment in assets that you can get a return on.

Reject credit cards and all short term personal loans and try to create a plan to live a debt free life. Cash only and invest in yourself.

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