Stress and the Use of Credit Cards

Today new credit card rules go into effect and these will definitely impact all of us (for the better?), at least until these banks connive new ways to extract your hard earned money. Experts predict with great certainty that this is no time to ignore your credit card statements. Financial vigilence is suggested—by all financial experts. Since Congress has instituted new laws that prohibit the credit card companies (e.g., banks) from all kinds of now previous nefarious activities, new credit card fees are headed your way to make up for the loss of revenue. Since previous if not diabolical means were a HUGE revenue stream for them (in the billions) they are now conniving new ways to recoup this once lucrative pot of gold. One of my friends used to work for MBNA. His job was to create complex interest rate algorithms , in essence, to siphon money out of people’s wallets. He quit because he said he couldn’t live with the lack of integrity of the company. Due to his own financial stress he’s back (yes, he said he sold his soul) and in his words: Let he credit card user beware.

• Stress Tip of the Day
Make a habit of reading your credit card statements carefully (check the interest rates, annual fees, non-user fees (that’s right, many companies will now charge you NOT to use their credit cards. Ask yourself if all those miles, bonus points, etc. are really worth it (experts are divided on this issue). Pay off all balances when they are due. If you must own a credit card, consider a Credit Union credit card (these institutions are reported to be the most honest, since they are member-owned). Get in the habit of using your credit cards for emergency purchases, if that.