Bankers pan new credit card changesNew rules to ensure card holders are better informed will be complex and costly to implement, industry warns
What are they really worried about? Any costs they incur are always passed on to the card holder. For instance, you'll pay every which way from Sunday for the new microchipped credit card.
To be sure, the CC companies don't want you better informed, but this complaint about rising costs could be a cover for the fact that they were planning to raise rates anyway to cover the cost of chipping.
And interest is not all we pay for the fun of using credit cards. We all pay more for the items we buy because the stores pass on their cost of accepting credit cards. You'll find that out if you visit a computer shop that tells you to pay cash or else it will add 3% to your bill - much more up front than the stores who simply factor the swiping costs into their prices.All of us are paying for the pollution created by the manufacture of the plastic, the massive amounts of paper used for the invoices, and the toxic waste from the manufacture and disposal of microchips.
By the way, have you heard this one: Microchips in prescribed medications? ‘This is all about empowering patients and their families because it measures wellness, and people can actually be tracked getting better’. Don't believe it. It's all about invasion of privacy and making more money for the Pharmers - if it's true at all and not just a feeler to determine public reaction.
Think about buying your chipped medication with a chipped credit card, and then tell me you live in the land of the free.
The credit card debt solution is simple. Stop using cards. Pay them off and cut them up. If you want to go the Freeman-on-the-Land route, don't pay your taxes and you'll have enough to pay off the card, or don't pay either since there's not a whole lot they can do to you (beyond bullying you, which is where screening with a telephone answering machine comes in handy) if you know who you are and the difference between statutes and laws.
Make the credit crunch pay for you. Strike while the iron is freezing over. You'll have plenty of company and the cc guys can't go after everybody.
One word of caution: if you plan to stop making credit card payments, make sure your card is not issued from the same bank where your pay cheque is deposited, because the bank will just take the money or freeze your account.
Don't worry about the cc company. It will eventually give up on bullying you and recover some of its losses by selling its defaults to a collection agency who will carry on the bullying, and the remainder will be recouped in higher fees and interest charges - which they were going to do anyway.
So ditch that card. You can do it. You don't need most of the stuff you buy with it. You only amass possessions because TV hypnotizes you into thinking you're nobody unless you have it. You can't imagine how freeing it is to realize that the Joneses you were trying to keep up with are nose deep in debt, while you are an evolved being capable of enjoying life within your means.
Related: Never pay credit cards before mortgage
Comments