BellaOnline Forums News and Politics Current Events Thanks Father Government!

Well, and so it comes to this! Seems the U.S. government has stepped in to see to it all credit card debtors may now get those bills paid. It was simply a matter of urging the card companies to raise the minimum monthly payment, thereby guaranteeing that American credit card users get themselves out of debt. Ah, yes, stern measures had to be taken, considering we just can't seem to manage to NOT spend like there's no tomorrow.

"People are now in a revolving debt cycle that they'll never escape," says Adam Brauer, a debtor advocate and in-house counsel for Debt Settlement USA in Scottsdale, Ariz. "So the government nudged credit card companies into saying, 'This isn't working.'"-excerpt from MSN article


But, what's a person to do? I mean, sheesh! fast-food joints now accept those little bits of plastic I.O.U.s! And, the Holidays are coming up! That Holly-Jolly time of the year when we are urged, most ardently, by every advertiser to, BUY! BUY! BUY!

Maybe Daddy-Government knows what he's doing, after all. Naughty foolish consumers! Bad! Bad!

Your Credit Card Payment Just Doubled
http://moneycentral.msn.com/content/Banking/creditcardsmarts/P117014.asp

www.intouchwithjeannine.com

Geez, we are already struggling right now to pay our minimums; and we only have 2 credit cards! It's because of all of our medical bills with my surgeries & illnesses, Michael's Aperger's, & my other 2 children's asthma!

We make extra payments when we can, because we would love to be out of debt, but if they make it mandatory; a lot of people are going to be filing bankruptcy. I'm sure THAT'S going to help people's credit scores! <img src="/images/graemlins/smirk.gif" alt="" />

B, there are many people just like you, who will be walking the hard road, because of others reckless spending, and the serious consequences entailed. I know folks myself, who depend on credit cards, to pay for health needs, and who make minimum credit card payments, out of necessity.

We, my husband and myself, are at this time of our lives, debt-free, and we keep our fingers crossed, with hopes we remain so. We ceremoniously dumped all credit cards, save one. This single card is used, as I personally believe these cards were meant to be used, for none but what we consider, major purchases.

I do admit, from what I know of, as far as some young people's spending habits, the higher minimum payments may be a very good incentive for curbing a tendency to live far above one's means. The bad habit of 'buy now-pay later', has developed into 'buy now-somehow get it paid off, eventually, maybe'.