Business columnist David Lazarus says the bank increased interest rates to almost 30% on some customers who pay their bills on time. Banks are changing their rules before a law takes effect that cracks down on abuses by credit card issuers. Read more at bit.ly
Tags: banks, Credit Cards, david lazarus, Finance, money
November 10th, 2009 at 3:14 am
open your hands*
November 10th, 2009 at 3:14 am
“annual!” “protection!” “interest rate!” like it’s some grand term. on top of that once the government gets into regulating credit cards it could also be harder for legitimate credit card companies to open because now they might have to go through a screening process by the government.. and what does that do to increase the cost? stop throwing ideas out before you think it through yourself. the world doesn’t exist between the narrow world of d.c. and a piece of newspaper.
November 10th, 2009 at 3:14 am
once you make any private market entity that by nature survives on profit and tough conditions of the market basically care free because the government backs it, you get into these situations where they no longer serve the consumers.. now you have to virtually make it a government entity because the banks behind them now carry tax payer’s money.. one problem after the next and you talking heads don’t seem to think this through. i laugh when you opens your hands exclaiming every econ term
November 10th, 2009 at 3:14 am
that’s because large credit card issuers also happen to have commercial banks that have treasurery and federal reserve’s guarantee against bankruptcy at the same time, so they don’t have to worry as much about satisfying the consumer and keeping a good reputation to stay in business instead of focusing more on schemes in how to maximize profit under a protected environment..so it was government rule that created the first problem just like federal reserve interest rate that encouraged risky loan
November 10th, 2009 at 3:14 am
Citibank got bailed out…where’s my bailout citibank???
November 10th, 2009 at 3:14 am
This is insane!! Cancel your credit card if they do this to you.
You don’t have to take it.