Americans Under Squeeze: Higher Credit Card Rates, Taxes Have "Devastating" Effect

Cut up cards, pay off debt, is best way out for consumers. Problem is how to do this without jobs. Meanwhile, lenders can write off $millions of PRINCIPAL on defaulted credit cards as an excuse for raising rates and fees when in fact they have already taken in much more in interest than they loaned out in the first place. Ever notice how much of your monthly card payment goes to interest and how much to principal? Borrow $1000, pay $2000, and they write off $900 and cry in their martini.

what a joke!

We are being fleeced alright - they are raising our rates as our incomes are going down our worse, our jobs going away. Woof... big time double whammy! Too bad - the 'smart' card would be the provider who is LOWERING rates to keep and attract customers, but they don't have any vision for that. They will see... all this will come back to bite them.

No worries--Team Obama has promised PAYGO and will deliver PRINTGO.

you see!!! If the Fed were to listen to me many months ago. We would neve have this kind of problems. We should have taken the $800 billion and divided into the tax payers,and each of us would have roughy $30,000 to deposit into our checking account. Which will bail out the banks, and stimuate the economy ,consumer condident rises.

Obimbo once again is clueless on how economics works. You squeeze a bank, they will squeeze back twice as hard. Now everyone with a credit card will be further behind than they are now. Way to go, Obimbo. btw if you are looking to re-finance your mortgage, don't use Quicken Loans. They are a Predatory Lender. They will quote you a low rate in the beginning then drag their heels while processing it and then raise your rate and fees and blame it on everyone but themselves. Don't use these guys!

There is no other way to clear out the system than letting these banks go under if they are insolvent... big pain now, but the problem will eventually correct.

Stop chasing EPS. Wall street is dead. let it be....

I remember when I told my wife that there are not enough people in the USA that make over $250,000 to raise taxes. Now we know where the money is coming from, look in the mirror people, if you have a job your rich. Plus you get to pay more in taxes. I didn't vote for this jerk.

This Socialist/Democratic Big Government will make the Great Depression look like child's play.

What a joke. Its well known that the banks make billions every year without bailouts from the government. Now they're trying to sell us on reasons we have to pay higher intrest rates so we swallow it and except it.Lets just bend over for them once again.

The middle class with pay the most for government mistakes.

Folks, you don't have to pay the banks one red-cent in credit card fees if you don't want to. The trick? DON'T USE CREDIT CARDS!!! Pretty simple solution...huh?! You, my friends, have the power. So stop blaming the banks for what YOU'VE allowed them do to YOU and fix your situation yourself!

It's time to wake up. We have been living in a fanatwsy world fueled by tht anti-depressant pill called DEBT. We're going over a cliff, and our "leaders" continue to spew B.S. This is going to be a huge wake up call, but it wouldn't surprise me to see riots in the streets when those who've become dependent on feeding at the public trough get cut off.

STOP PAYING!!! SIMPLE AS THAT. Ladies and Gentleman!!! This is UNSECURED DEBT!!! They can do NOTHING TO YOU ZERO.....NADA...ZILCH You are already paying them with the bailout. Stop payments on all cards, and take the saved cash and purchase with cash only... PUT THE CROOKS OUT OF BUSINESS!!!!!

This will lay bare the true reason why Obama socialism will not work - the few who are gainfully employed will be expected shoulder the cost of his lofty big brother agenda, dropping off one-by-one until even their collective shoulders are too weak to carry the load. Before the downslide, I was making enough to not care how much the super libs taxed me. After being laid off this year, I've settled for a job making less than half my former salary - and they're coming after what little I have left, from cap and trade, to socialized health care to green home sale regulations - ENOUGH! I've not taken a dime from others, and am just scraping by. Mr. Obama - stay the hell out of my pockets!

Ah!!!!!!!!!!!!!!! The Audacity of Hope is revealed!

Wake up America!!! Credit Cards are simply legalized loan sharking. Actually, I think you would get better terms from a loan shark. Couple this with casinos on every corner, soft porn now permeating the media, and the book makers (oops, I mean short sellers) on Wall Street what chance does Main Street have? Where has the 'Moral Majority' taken us?

I DID PLAY AND I WAS PAYING UNTL THE GREED SET IN !!!NOW IM STILL PAYING AND GOD FOBID IF YOU ARE LATE ONCE OR TWICE YOUR' ACCOUNT WILL BE CLOSED!!!SO WHY THE HELL BE HONEST!!!THIS MAKES ME SICK!!

Living debt free is living free of worry. The next time you buy something on credit, ask yourself whether the item purchased is worth more than your peace of mind. Sincerely, Wageslave