Jeff's Editorial #89 –Credit Card changes after 2/10/2010 – My opinion

This is what I think these generous, kind-hearted, and loving credit card companies will morph into after the new credit card laws are put into place on Feb 10, 2010:

• Your credit card companies will raise your rates right up to Feb 9, 2010
• They will start raising your minimum monthly payment
• Some credit card customers will have their accounts canceled
• Credit card companies will start raising annual fee from $___ to $___ (you fill in the blank)
• Some who have been paying off total balance at the end of each billing cycle will start losing grace period, and will need to pay finance charge
• You will be nickel and dimed to death with new fees because they know they can’t collect more money from most credit consumers – plus more people will drop credit cards and switch to debit card. New fees may include: ID theft protection, loss of income insurance, or other gimmicky protection.
• Young people under 21 will need co-signing to get a credit card approved - this may be a good thing, but parents will still bail out irresponsible kids - the credit card companies are banking on this behavior.

My strong advices include:

• Reduce/eliminate credit card debt, home equity loan, and 401(k) debt
• Start building up emergency fund
• Switch to debit card by saving money in your checking account
• Save up to buy things, including your next used car.

It's my opinion...

Use common sense! These loving credit card companies are NOT YOUR FRIENDS!!!