Financial Challenges Support Group

Yeah, I think you're right. But alot of people have maintained their lifestyles by using credit. Living within your means, to me, means living on the money you earn and bring into your home to pay for necessities. Alot of the money that people could be using to stimulate the economy and help stop this oncoming recession is being used to repay credit card debt. I wonder if the gov't plans to step up to the plate and wipe out some of that debt for a widespread number of American consumers. I doubt it seriously, unless that particular industry is hit hard with economic downfall that effects global wall street.

I agree with with you Kirby1.
I almost feel like declaring bankruptcy out of spite.

Thanks. Sometimes I get so angry and there's no one to let off steam with. I don't know how much more we middle class Americans can continue to sacrifice so we can put food on our tables and provide the necessities. It's getting pretty bad out there.

There needs to be some sort of plan for credit card debt. It is not right for them to charge so much interest and other "fees" .We should all be allowed to repay at the original interest rate we signed up for to get those paid off.

Back in the day, it was called usury.

Main Entry: usu·ry
1 archaic : INTEREST
2 : the lending of money with an interest charge for its use ; especially : the lending of money at exorbitant interest rates
3 : an unconscionable or exorbitant rate or amount of interest ; specifically : interest in excess of a legal rate charged to a borrower for the use of money

I vaguely recall that at one time usury was illegal in this country - I am serious.

The power guys in Washington, D.C. dumped that law - and gave free rein to the credit card companies. Now, not only are they allowed to charge late fees - but they can raise the rates for any reason they want - at any time they want.

The only way to stop this is for the government (that's supposed to be us via our representatives) to pass laws outlawing what the credit card companies/banks are doing. We need to band together & tell our reps. that we can & will "fire" them at the next election if this matter is corrected.
Means calling and/or mailing our reps.