Are you sick of the chains of bondage?

I know that many of you have seen the news or even experienced your credit card companies increasing your interest rates, lower your credit limits and demanding you close your accounts. It is frustrating I know, but it is legal. All the more reason why you need to get out from under this type of control over your life.

I read an article on smartmoney.com that stated that credit card companies are doing this now, because they are in fear of the federal government's attempt to pass a law that does not allow them to increase interest rates unless you are behind 30 days. This is an attempt to increase their profits before this happens. These higher interest rate, higher minimum payments are going to push the middle class consumer to financial ruins.

I was at a conference this past week in a session where a guy was telling everyone how to get out of debt. Someone from the audience asked him if he agreed with Dave Ramsey that you should cut up all credit cards. He stated no. That he felt that if you were disciplined enough to not let your credit card spending get out of control that it was ok to have them.

Please hear me loud and clear. Even if you can control your spending and can handle your payments, will you be able to handle them now when the credit card companies are raising your interest rates and increasing your minimum payments? You are playing with fire. You are at the mercy of their bottom line profits. If they need more money they will take it from you anyway you can. It is legal and nothing any of us can do about it.