The New York Times recently published an article (read article here: http://www.nytimes.com/2007/07/31/opinion/31tue1.html?_r=1&oref=slogin) discussing the atrocities against consumers by the credit card industry brought to light this spring by Democratic Senator Carl Levin of Michigan.

While I agree with the alarmist perspective of the author on this subject, I won’t be holding my breath waiting for legislation that will cap penalty interest rates at 7% above previous rates or capped charges for consumers who exceed their credit limit. The savvy consumer isn’t going to wait for this legislation to pass either as a means to financial freedom.

Bottom Line: Debt free living is a choice! It’s going to require an evaluation of your current lifestyle and spending habits along with a detailed plan of attack toward debt. Determine today you won’t spend the next twenty-six to thirty years paying off that credit card debt!