Wednesday, May 20, 2009
Banks, the backbone of our nation, those proud strong institutions that run up huge debts, take on tremendous risks, and let us bail them out when they fail are horrified that they might actually face regulation. I mean, jeez, usury is OK as long as you do it to people who couldn't afford it anyway. So what if a few college students jump from tall buildings because they're 50K in debt? And for goodness sakes, why shouldn't they make a few bucks from compulsive shoppers who aren't creditworthy in the first place?
But now, it looks like those darn Democrats are gonna pass bills restricting the ways they do business, and limiting the sorts of fees they can charge. What the hell happened to GW, who let them write their own bankruptcy bills? Anyway, the upshot is that they need to make as much money as they did in the past, so what they'll do is charge the so-called "good" cardholders interest immediately, and maybe give up those no-fee cards.
After all, you don't expect them to get by on just a portion of every purchase you make, and really, if they can't charge you 30 bucks for this and 50 bucks for that, and then charge 26% interest on it, well, how are they going to finance those chateaus for the shareholders? Wake up, America!
Personally, if it comes to that. I'll shred all my credit cards and pay cash. It won't be as convenient, but I didn't pay those fees before and I won't pay them now. Maybe I'm un-American.
I don't think so, though.
Posted by NYC Educator at 4:48 AM