rssBailed-Out Banks Stiff Credit Card Customers
Friday, December 19, 2008 at 10:01 am
- 5 Comments
Since bailouts are so timely today, Bloomberg weighs in to point out that banks that have been recipients of government bailout money are reacting by charging higher fees on credit cards for consumers. Apparently, they’re trying to get ahead of the curve on those new Federal Reserve regulations curbing their bad behavior, which don’t take effect until 2010.
From Bloomberg:
“People are totally confused,” said Mark Zandi, chief economist at Moody’s Corp.’s Economy.com. “The taxpayer is essentially a big owner in JPMorgan, Bank of America and Citigroup, and these are the folks who make credit-card loans. Many are asking, ‘So why is it that my credit-card loan got pulled? Why am I being charged a higher rate?’”
Wonder if Southern lawmakers who fought so hard against helping the auto industry will be speaking up on this one.
5 Comments
Comment posted December 19, 2008 @ 10:04 am
Too bad we can't go back in time and defeat the original bank bailout bill. Sure, those Republican reps are taking heat for fighting against the auto bailout, but that would have been fine if they didn't sell out enough votes to save the banks. I don't see much chance for a real recovery until the failing companies fail: bank, auto, media, doesn't matter.
Comment posted December 20, 2008 @ 8:33 pm
The changes on credit card legislation will have absolutely no real impact on consumers and their use of credit cards.
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http://pacificgatepost.blogspot.com/2008/12/ber…
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Issuers will continue to be abusive of all card holders.
Comment posted December 21, 2008 @ 7:39 am
Yes, definitely yes, some of the darkest of dark days are passing into history……finally. The future is about to begin…….mercifully.
An unnecessary and unjustifiable war at a cost of three trillion dollars; a crashing economy at a cost of trillions more; a degraded environment, a dissipated Earth…….priceless.
And people responsible for these nightmares want their 2008 bonuses……predictable.
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