Banks are changing, but are we?

The new credit card laws are going into effect today. They have been long needed. But, have we learned anything or would we just run out and do it all again given the opportunity?

It's hard to change our basic nature and habits. I probably should not admit it but we are still paying on a truck that has not run for three years. It started with an argument of whether to pass on the deal and wait to save the money and ended up being a credit card purchase because the price was low. That got wrapped into a balance transfer, that got wrapped into a home equity, that got wrapped into a 30 year fixed. All with the lure of lower rates.

Yes, it sounds crazy because it is. I dare say I'm by far not alone and would bet there are some cappacinnos out there that are now on a 30 year payment plan.

The banks will continue to take advantage of us as long as we allow it. Something to think about everytime we pull out the credit card or don't pay our balance off in full at the end of the month.