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"Read the fine print," everyone advises. But how many really do? You need a magnifying glass to read the terms and conditions.

While credit cards are very convenient, they are also a hook through your nose- and the credit card companies lead you around by a leash. Isn't it time to re-regulate the credit card industry?

I remember my first card. Major card, now, not just a store card. It gave me a feeling of POWER, of importance. The stated interest rate was 12%, and they even gave me a bunch of transfer checks to pay other bills. I didn't need those, of course. I was now a full-fledged consumer, known to all.

I kept my bills low at first. They were paid on time. Then, I ran one up that was a little higher. Auto repair. And that's when the trouble started. And that's about the time I started getting offers for other cards. Oh, what a feeling! And then disaster struck.

I mailed in a bill payment a week before due. Next bill, I found that my interest rate had shot up to 18%. It seems that my payment arrived late. The company claimed their hands were tied, and I was stuck. Late fee, higher rate, and all because my payment got lost in the mail. It seems that the "Fine print" which nobody could read indicated that a late fee of $25.00 would be applied any time a payment was late (regardless of the reasons). And the indication was that a 21% finance fee would be the result. Fortunately, they didn't raise it that much.

Late fees of $39.00. Annual fees of $40.00 or more. Interest rates are now in the 30% bracket. Enough is enough.

It's time that the Federal Government step in. They should require that "Fine print" be made the size of a normal letter's font. They should place an upper limit on late fees, and stop the shafting of the consumers who are getting hit with 24% or more interest rates.

My lesson led me into a credit trap. It's time the snares and pitfalls be removed. The Federal Government can do this. But they've been ignoring the problem, or worse- contributing to it.

Let's tell the credit card companies and the Government that "Enough is enough". Maybe then we won't see as many bankruptcies. And maybe, just maybe, we can have a life that isn't controlled by the credit card companies.

Learn more about this author, Chabu Bowler.
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