Friday, May 02, 2008

 

Credit Lessons

Government cracks down on credit card industry practices: The Federal Reserve and other regulators are moving Friday to crack down on "unfair and deceptive" practices in the credit card industry that have added billions in debt to people already struggling to cope with the economic downturn.

The credit card companies' practices seem shady to me but the real lesson here should be for consumers to be more careful who they borrow funds from and under what terms they do so. It seems socially acceptable to carry balances on a credit card and leads people to think that it is no big deal and that they deserve certain terms. That is not a good way to manage personal finance.

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