I know it is painful for you, but trust me, the cold shoulder you are getting from the credit card industry is the best thing that could have happened to you. I’m just sorry this unhealthy relationship dragged on for so long. For years you, the American Consumer, were on an insatiable spending spree. Unstoppable spending seemed to be downright patriotic. So what if you lacked the income to pay for all those purchases? Why worry about that small detail when you could just ring up a tab on your credit cards? Credit card issuers were willing suitors. They plied you with near-daily offers of new credit; in 2007 consumers were flooded with an estimated 5.2 billion credit card offers, or about 23 for each American over the age of 18. The offers often came with 0% teaser rates and balance-transfer terms that encouraged you to keep up the charade of believing you have more money than you do. By the end of 2007 the nation had collective credit debt of more than $950 billion. (Yes, billion.) Yet it was far from free money.
What do You think about Suze Orman's Action Plan (2010)?
