Wisdom for Today, August 4th, 2010

Credit Card companies - Hum? They know that most of the people who recieve credit cards cannot payback the debt which they agree to lend them. The goal of Credit Card companies is to encourage a consumer to use the plastic card to the limit, then harass the person to pay back that amount. When they cannot pay that amount then they proceed to charge the person interest only payments while continuing to increase the interest charges. The friendly service which the person recieved to help them get into debt all of a sudden changes to a collection attack. The only way to pay the minimum amounts on one card is to go further into debt with another credit card. This starts a visious downward cycle on the person's life and finances. The only way to deal with this problem is to deal with the problem. Cut up the cards, cancel all cards and work out a Pro Rata payment plan. FICO scores are only used to determine how much a person can go further into debt. If a person sincerely wants to have peace in their life with their finances then debt is out of the question. If debt is out of the question, then the FICO score is mute information. Millionaries who pay cash for purchases have a "0" FICO score. What a concept. I am praying for the day when my FICO score is "0".