Credit-enslaved Consumers May Get Relief from Plastic Crack

Debt-challenged consumers soon may get some relief from the evil consequences of credit cards. High interest rates have brought many a shoe-loving diva to her pampered knees and kept millions in the perpetual poorhouse. So, the government is looking at ways to curtail shifty credit card practices in an attempt to ward off the same suffering created by crooked lenders who caused the mortgage crisis.

Cries from credit victims have federal regulators considering serious reforms proposed by several consumer advocacy groups. New laws may take effect next year that would stop the credit card companies for raising rates and imposing fees at will. For example, some propose extending the grace period before fees are charged and interest rates are raised from one minute after a payment is late to 30 days. One proposal would restrict marketing the plastic crack to consumers under 21. (source)

Sure, some people like my Über-responsible and forever financially-fit best friend may say that those who fall prey to the plastic temptress brought it on themselves. But few were schooled soon enough in the art of responsible spending to prevent their financial freefall into debt. They were infected with have-it-now-pay-later fever not realizing the true costs until it was too late.

Everywhere you look now there are websites, books, DVDs, talk shows and other tools to teach you to tow the line when it comes to finances. For most, however, those lessons came after the bulky balances of multiple cards already had sucked the fun out of having fabulously full closets and mean shoe game.

Being older and wiser, I now am able to resist those must-have bargains that really aren't and those once in a lifetime sales that pop up every three months. Having an extra mouth to feed and being self-employed helps control even the most intense shoe craving. After all, my daughter can't survive on shoe sandwiches.

Credit cards have gotten away with behaving badly and abusing credit-enslaved consumers long enough. They've made billions off of this ingenious and devious bank racket.

I say Hurray!!! I'm all for any new laws that will help the millions of reformed big-spenders who still are dealing with their pre-enlightenment debt. I only wish they could enact the new laws before my next AmEx bill is due.