A Senate panel told credit card companies to stop charging late fees and interest penalties becuase too many Americans, in their view, are being kept in debt because of these policies.
While I can understand the plight of these Americans, as a fiscally responsible person, I say, "tough." Why should credit companies have to endure more risk just because Joe Schmo wanted to waste $30,000 in his college days on extravagences and is late on paying off his card every other month? If you are in up to your head in debt, you should be doubly on the ball to make sure you aren't late on your payments. Credit card companies aren't your friggin' parents.
The simple fact is, if you pay your minimum, you are guaranteed not to ever fall behind. It may take you a long time to pay off your card, but your debt won't grow. The only way it would grow is if you are grossly negligent with your account - chronically missing your due dates or overdrawing on your account. And in those cases, you get what you deserve I say.
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