Are you a slave to the cash world? Living off credit…playing a balancing act with several of your credit card? well, unless you start doing a few things differently, like bartering it’s only going to get tougher for you to make it in the days ahead. Here’s why it’s time to get off the debt treadmill…

As banks are hitting hard times they’re turning up the heat on their customers–YOU! The latest, according to Business Week, is Bank of America raising rates for various cardholders to as much as 28%…and not giving them a reason for doing so.

In small print in the mid-January letter to cardholders, an 800-number was provided to call. Business Week said the Bank of America representatives told callers the increases are part of a “periodic review” that assesses customers credit risks but declined to further elaborate about the banks new policy.

Bank Analysts say the bank’s move is obviously to shore up profits. On January 22 Bank of America reported a 95% DECREASE in fourth quarter earnings due to rising card charge-offs and write-downs in mortgage-related securities.

If you can’t beat’em, plan on leaving them (quit borrowing from them). Put on your barter hat, trade for needed products and services whenever possible. Take the cash saved and pay off your credit card debt…get motivated…is there really a good reason to be a slave to them?

Here’s valuable information that shows you the enormous value of barter: FastStart

This entry was posted on Sunday, February 10th, 2008 at 10:11 am and is filed under From the Desk of Bob Meyer. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.