by Anthony Megna

Created on: August 28, 2008   Last Updated: May 22, 2012

It's very difficult to separate knowing you're in debt from your emotions. Debt is like a black cloud hovering over your head. At any moment, the cloud can explode and rain all over you. Not just any rain, mind you, but corrosive acid. It can ruin your outlook on life, destroy your short term plans, and depress the hell out of you. But it doesn't have to be this way. Let's take a look at credit card debt, as this seems to be the most common debt and the one that is really getting people in unnecessary trouble.

Credit card debt keeps rising and rising and it looks like there is no end in sight. But guess what, consumers aren't entirely to blame. That's right, even though consumers charge like no tomorrow, the banks and credit card companies have made it almost impossible to dig out of this type of debt.  The new credit card law?  The thieving credit card companies are already finding ways to add on expenses and new charges.  How?

If you don't charge enough each month, some companies will charge you for it.  If you are late, even by one day on your payment they can jack your rate up. If you are late on a cable bill, and the credit card company finds out, they just might jack your rate up. Even if you pay on time, but "have too many credit cards" they can and will jack your rate up. I know, as it has happened to me. Loyalty doesn't mean anything anymore like the good old days. I had a credit card for over 18 years, never was late once, NOT ONCE, on a payment, and the rate skyrocketed to close to 30%. I was in shock. I just couldn't believe it. After numerous phone calls, checking my credit history and payment history, it still didn't matter. They said they had the right to stay competitive. I said doesn't loyalty to one company count anymore? They bulled me on company policy and other nonsense. I replied it sounds like greed to me. Then they got nasty and asked when my next payment was going to be sent. Needless to say, after arguing with them about going back to my old interest rate and being declined, I hung up the phone in a state of angry delirium.

I decided right then and there that I don't need credit cards anymore. I decided right then and there not to pay. I felt as if I was being robbed. I actually felt as if I got held up by an armed robber. In fact, I felt violated. I just could not believe the greed of this company, and the bank that issued the card. I will say it as I could care less about them. Bank of America. The most self-centered bank with more fees and garbled policy not even a lawyer can decipher.

It actually felt good. I could care what they did to my credit, as the credit reporting agencies are loaded with mistakes anyway. And try to wipe something off your record, good luck with that. If I needed a card, I would go to the store and purchase one and put up the cash.

To make a long story short, since this was unsecured debt, and since they had been robbing me, this was the only way to get back at them. I filed their letters, didn't answer their phone calls, and I hope their business goes under. As this is not a business, it is a crime. To charge interest rates that would make a loan-shark blush is not my idea of business.

So, try not to let credit card debt get the best of you. Other debt is hard to get away from, like the house payment. But at least we can take satisfaction knowing the credit card companies are being investigated for horrid and semi-legal business practices.

Emotionally, I have never felt better in my life!

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