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I entered a debt management program to reduce my interest rates and get the debts paid off. It's hard, adjusting to a cash only life, but I lived above my means for too long, and I have to pay the price now.

That being the case, none of the card companies agreed to reduce the overall totals, but they did reduce the interest rates to 7 and 11%. The one "emergency" card that I had with no balance has a 29% (yes, that's what I wrote) rate on it, so you can bet that I don't use that card!!!

I'm all for paying what you owe, but when I hear about credit card companies stiffing folks for 32 percent interest I am aghast. I don't care how delinquent you are, 32 percent interest is a joke. I'm glad I went for a cash budget. It's hard but it is better than paying interest.

Frugalista, I'm thrilled you brought up the pros AND cons about the Credit Card Bill of Rights Act that Obama approved last month. I wanted to point readers to a easy-to-read Bill of Rights comparison page put together by BillShrink that breaks down the Act and shows how credit card companies will be changing their practices. Here's the link: http://www.billshrink.com/credit-cards/bill-of-rights/.

I agree with you that it's best if individuals just pay off their balance each month. But with credit card practices so out of hand, maybe this legislation is the official intervention that we need to make a positive change.

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