David's mom

dawn69's picture

I feel for your friend w/ the interest hike in credit cards. Most of my card accounts, I've had for years and had always stayed on top of them paying @ the very least the minumum and paying them on time. I had a hysterectomy a year ago followed by three more minor surgeries and am currently recovering from hernia surgery. After being out of work w/ the hyst. I got a month behind and BAM - 33% interest. Now I'm just treading water trying to stay afloat. I don't mean to poor mouth (I hate that), I'm just saying that I do understand the plight of those who try hard, spin their wheels, and still find themselves in the quick sand.

I don't know what age bracket your in and would never ask another woman that question, but my previous blog truly was referring to those in the younger age bracket that consistently throw caution to the wind. Nothing but stainless steel appliances will do and they simply must have the granite countertops to boot. I currently know several young twenty somethings that are single mothers getting food stamps but get their parents to watch the babies on the weekend so they can go out clubbing for a night on the town. And of cource, they have to have a new outfit each time because everything in their closet has been worn before. And while I applaud them for not driving drunk, instead of one being responsible enough to drive - they will go in on $400 to rent a limo!

Meanwhile, we the taxpayer, the ones who struggle and do without, the ones who work hard to stay afloat - we get to pay for their food stamps. And now that the richest irresponsible ones have gone bust - we're gonna get to bail them out too. I know I'm preaching to the choir on this subject but my soap box is sooooo comfortable.

In summary, I'm only saying that it's not just the ones with the golden parachute that have been the problem. The give me give me give me generation bears alot of blame too.

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DarthDubious's picture
Submitted by DarthDubious on Wed, 10/01/2008 - 1:37pm.

The evil of 33% monthly, is when compounded yearly, is actually 396%. This is the true percentage rate and should be illegal, especially when banks will only pay out at most 5% APY. Everything is geared to favor the banks and big corps.

Submitted by Davids mom on Wed, 10/01/2008 - 12:15pm.

We're definitely on the same page! (If the number in your ID indicates 'age' - we're definitely in the same era. Only until the many owners of small businesses, etc. feel the pinch from the current financial fiasco, most of our representatives will listen to their misinformed constituents and vote NO on the 'bail out'. I hope that the 'bail-out' will stop the credit crunch - and everyday folks like us will tighten our belts and live within our realistic meager means. One action from the Congress will not fix this mess. We the people have to realize that we have important steps to take to change our ways - and adhere to our personal budgets. Living off credit is about to come to an end.

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