Today a letter came from Kohl’s, the department store.
I imagine it is in response to the new credit card laws passed by Congress. They are supposed to protect individuals, who have been forced to pay exorbitant interest rates on remaining balances.
Kohl’s said “Now, APR’s will generally vary with the market based on the Prime Rate, but do not go below the stated minimum APR in your Cardmember Agreement.”
This is a fancy way of saying – no firm rate for their consumer card anymore! That is Scary!
The answer is very simple, but not easy to follow. Either do not charge – or pay off what you charge monthly.
Not possible you say? Well, it is if we stop using consumerism as a hobby.
Gone are the days of ‘Shop till you DROP!’ and fast are becoming the days of ‘What is free (or affordable) and fun as well?’
Is our world changing? Maybe. It takes a majority of us to make a change. It won’t happen with a few.
But wait – the new laws from Congress are to help consumers not be enslaved by their credit card debt! Congress is trying to say we can spend more and not pay as much, because of these new wonderful laws.
But – we will still be in debt until we change our habits!
Our Choice to make.