Follow The Rules, Get Stabbed In The Back

by Ron Haynes

Over the past two years, I’ve regularly chronicled my disdain for debt, calling it slavery and listening to scores of readers who think it’s no big deal. To me, debt is always a big deal because it represents an obligation to someone else and I don’t take any of my obligations lightly.

Just like tens of thousands, I’ve placed a high priority on following the rules any creditors have set up and I’ve paid them all as regularly as I could. Most of my creditors have been paid off and I have a big, fat ZERO on my account balances. If I do charge something, I pay it off as soon as possible, so you can only imagine my surprise when I found that Bank of America and Citigroup plan to assess a new annual fee of $29 to $99 on customers like me. For the record, I closed my Citigroup card when they started charging me an annual fee and I’m just waiting to see if Bank of America plans to follow suit. Without it, they don’t make a lot of money on me.

It’s difficult to live without a credit card

It’s difficult to live without a credit card today. They provide consumer protection, they’re required if you want to rent a car or get a hotel room, they’re almost your only choice when buying anything on the Internet, and they are fast becoming the preferred method of payment at many retailers.

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So what do I plan to do? I’m considering several different credit cards as an alternative to my old Bank of America card:

I think it would be easier to go ahead and get one of these credit cards now, before I’m forced to cancel my only credit card (the Bank of America card) because of some ridiculous fee. I don’t respond well to arbitrary fees! And yes, I’ll be paying the card off each and every month, all the while reaping the rewards for purchasing items I was going to buy anyway.

To my way of thinking, that’s free money!

About the author

Ron Haynes has written 988 articles on The Wisdom Journal.


The founder and editor of The Wisdom Journal in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a Human Resources and Management consultant, helping companies know how employees will behave in varying situations and what motivates them to action, assisting firms in identifying top talent, and coaching managers and employees on how to better communicate and make the workplace MUCH more enjoyable. If you'd like help in these areas, contact Ron using the contact form at the top of this page or at 870-761-7881.