April 14, 2005 General 0

Anyone who is debt..get ready for the CC companies to pile on more. For those who are not in debt or mildly in debt..get ready for lenders to pile it on. Either way..credit will get extended to rediculous porpostions. If you cannot afford to pay for it..don’t pay for it on a cc. The amount of Americans drowning in debt is going to skyrocket and now Americans who are not known for managing credit well are going to get hammered more. This is definitly slanted towards creditors..but there is something else to keep in mind. You borrowed the money..you made the choice. Do what me and my wife have done..justt say no to CC’s. We have a house payment and a car payment..that’s it in terms of long term debt. No cc’s and we won’t have any.

*update* MSNBC of all places has another good article on this. It seems the Repubs mainly voted for it with Dems mainly voted against it in the house and all repubs and some dems voted for it in the senate.