In recent weeks we have witnessed the changing of credit card fees and charges along with interest rate increases across 
the board. Those who are very responsible with their credit cards have been penalized along with those who are not. This has made for very negative feelings toward credit card issuers and the tactics to which they subject card holders.
A recent survey designed to gage the attitudes of Americans about their credit cards showed a range of sentiment from attraction to aversion. The latter seems to be the overriding feeling.
What was good is now bad. Since the advent of credit cards years ago, Americans have jumped on the bandwagon and have used them as much as possible. It appears that having them to help get through the month when money runs out is important. But, now that the credit crunch has caused issuers to make changes, card holders are feeling the pinch.
More regulation. Card holders are convinced that more regulation of the industry is in order. Since the relationship between issuers and holders is one of convenience, any changes that destabilize this relationship would naturally bring calls for more regulation. But the truth is that the ability to make the changes has always been there for card issuers. It is just that the swift and conclusive actions of the last few months have been exacerbated by economic conditions overall.
Towards more responsibility. For the consumer, a trip back to the basics of the use of credit appears to be in order. This process will weed out those who are willing and able to pay their credit card balances from those who cannot or are not willing. For all, the answer is equally true no matter into which category you fit – pay your bills or pay the consequences.
Take action to clean up your credit today. The use of credit cards requires more attention than ever before. You cannot let your accounts and balances go unattended to for long periods of time. There is too much risk in not watching what is happening. The best advice is to get your accounts in order and monitor them carefully. Use Internet access as the means to perform this activity.
Reduce or eliminate cards. Evaluate your credit card holdings and decide if you should keep all that you have. Close some of the smaller accounts that are not as important. While this will make a small dent in your credit score, if you use your cards wisely, it will come back. Even cards with no balances will accumulate fees, so it is best to close those that you do not need.
Use cards responsibly. Always have a plan to repay what you charge. Use a short-sighted view of credit card usage in that you will repay what you charge within the month. Do not allow yourself to charge knowing that you will incur higher finance charges over a long period of time. This is the kind of thinking that causes account balances to get out of control and become un-payable.
Look for ways to cut debt and expenses overall in your life. Now is the time to live a more frugal lifestyle. Pay cash wherever you can. Use financial tools and advice to improve your situation. You will be glad you did.
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{ 1 comment… read it below or add one }
I think the last thing is the most important one.
Seriously, it's just irresponsibility grrr…
American culture is too bad… I honestly don't think they deserve much right to complain… I mean, outside of changing rules (not just rates) I don't see anything wrong.