Wednesday, May 20, 2009

More Financial Blame-Shifting

Congress Approves Bill Restricting Credit Card Industry
The new restrictions would protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone.
Lack of reading comprehension does not make something a surprise. Read your credit agreement people.
As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could also see annual fees become the norm and lucrative rewards programs canceled.

On the plus side for consumers, card holders who see their interest rate skyrocket because they have been late on a payment would get a chance at their older, lower rate if they pay their bill on time each month for six months.
This is yet another example of law-abiding, responsible citizens bearing the burden of the financially irresponsible.

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