Buying things you don't need with money you don't have?
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Credit Card Industry Takes Its Licks
March 13, 2007

Source: Consumer Affairs
After years of docilely taking orders from banking interests, Congress is at least trying to assert a bit of independence, as evidenced by recent Congressional hearings that have spotlighted the abusive, predatory and usurious practices that have come to characterize the credit card industry. Check out this lengthy article that goes into issues such as; Universal Default, Trailing Interest, Penalty Fees, Complex Statements, Hidden Costs, and passing the buck on Identity Theft.

The article concludes with something we fully agree on; Consumers need to know a lot more about how to manage their personal finances. More schools should offer classes devoted specifically to teaching students how investing works, how debt can be accrued, and how credit is not a blank check.


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