I recently received an email proclaiming the outrageous profits made by the credit card companies in 2007. My first thought was ‘is this net profit?’ Then I really began to think this thing through. Someone was actually complaining about the profit made by a private company.

There are some bad lenders out there - everyone knows that. The worst are the paycheck places that charge no interest but do take out a HUGE processing fee - but I digress. For the most part, credit card companies are straight forward with their information and with their rules. They are just counting on you not handling your money well so that you have to pay them to use their card.

We are completely spoiled as consumers. There is outrage that credit card companies are charging 12%, 20% or more for the use of their money. Thirty years ago the high end of those rates is what you would have paid just to get a mortgage - imagine THAT monthly payment. As early as 15 years ago, interest rates on mortgages were still in the double digits.

Debt IS a bad thing, but maybe it is time to quit blaming everyone else for problems in our own lives. Read the contract before you sign it, pay with cash as much as possible and always review your statements when they first come (and pay them on time). Keeping up with your finances will keep you from falling under the spell that is being cast over consumers everywhere.