John Ulzheimer, President of Credit.com, provides a few more details about the surge in credit card company mailings for “Professional Cards” that are exempt from new regulations imposed by the Card Act (see the previous post for some context).
I’m probably the exception to the rule here, but, it seems to me that unless you have an excellent excuse (e.g., medical bills or some other emergency), if you’re over the age of 30 or 35 and you’re paying credit card companies any money in interest or fees, you’re going about your finances all wrong and you deserve to be their debt serf.
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The really sad part of all this . A Bill is passed . Its supposed to protect the consumer . The Banks , proving that they are ursurous and cannot be trusted to play in the sandbox with others , EVEN with supervision , go right back to their primary sin . Laws are not meant for them – PERIOD . They are lawless , rogue , and need to be eliminated as a pox on society , an untreated parasite , a cancer that must be cut out . Oh ….and its not just business so its OK . Ban the banks . Write our worthless Congress critters . Demand change now.
I think there are exceptions when it comes to fees. We pass a lot of our monthly expenses through cards to garner points, etc. The cost of doing so is having to pay a yearly fee, which is far less than the overall benefit of this activity. So we continue to establish credit through use of the cards, and get the points besides.
The only potential problem with this process is the ongoing temptation to let a balance roll. But as long as we have ample cash reserves, this is not such a worry.