As new legislation is slated to go into action, the banks and issuers of credit cards have been raising rates and fees for a number of months in an attempt to recoup losses from 2008 and 2009.  Many of these financial institutions have dipped into the bailout coffers and their ‘thank you’ to the taxpayer has been to initiate usurious measures raising credit card and bank fees.  Talk about biting the hands that feeds you.  To make matters worse, at the same time they are giving their top executives bonuses for a ‘job well done.’ 

Meanwhile, most of us are licking our wounds trying to make ends meet as we continue to reel from the economic woes of the high rollers of Wall Street.  If you are tired of others taking control of your finances and thereby your life, and you won’t take it anymore, then Markdown Mom offers these resources to make these fat cats listen in the only language they will understand–the power of the buck!

• Take Your Business Elsewhere.  Investigate locally owned smaller banks and credit unions that will give you a better interest rate and more personal service.  Move Your Money has a listing of those smaller, consumer friendly institutions they have researched to give the consumer relief, catagorized by zip code.
• After Moving Your Money, Keep The Former Credit Card Account.  This should come with two caveats, do not close that account unless you can restrain yourself to only using it occasionally and paying it off during the grace period, and only if there are no fees attached to keeping the former account open and active.   Why?  Believe it or not, completely closing that credit card account can hurt your credit rating especially if you are carrying a large debt. 
• Use Debit Cards, Money Orders and Cash To Pay Debts.  But be careful with debit cards, there are fees associated with this convenience, so be sure to keep a ledger of withdrawals and deposits just like a checkbook so that you can avoid NSF fees, etc.  Money Orders will carry a charge, but it is infinitesimal compared to regular banking fees.  Keep your copy of the money order for your records.  Using cash, get a receipt in case a question arises on any bill.
• Seek Signature Loan From Credit Union For An Emergency.  If you are a member of a credit union and an unexpected bill comes up such as a major car or house expense, engine blows or furnance gives out, you can usually obtain a loan with no collateral, but on your signature alone.  This will require submitting a loan application and getting approval from the credit union management, and interest rates can be somewhat higher, but not as high as maxing out your credit card from a large financial institution.  Also, if you can schedule automatic repayment from your paycheck.
• Keep On Pressing Your Government.  Press  your state and federal legislators to  set ceiling limits on close end credit and fees.  The legislation that comes into effect this year is not the total answer.

*image courtesy of dotconnectoruk.blogspot.com