Another reason to hate banks


Credit Card Industry Aims to Profit

From Sterling Payers

By ANDREW MARTIN

http://www.nytimes.com/2009/05/19/business/19credit.html?th&emc=th

Read all about it by clicking on the link. Discover why banks are not our friends, although they pretend to be, as they feed on the American consumer.

Or you can read my rant and save the trip.

It seems that because Congress is moving to limit the penalties on riskier borrowers, to make up for lost income, the card companies are going after those people with sterling credit.

Oh, really?

“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

Do you really think so?

According to this article, the credit card companies are planning to start charging us for the privilege of carrying their card. The last time a company tried that one me, I cancelled the card, laughing manically as I shred it.

The credit card companies want to charge us interest, too, from the date of purchase, eliminating the grace period. That means that we would be paying for every minute from the time of indulging in a sale until the bill comes and we get around to pay it. Or, I guess, we could all run home to pay the bill online.

Yeah, right!

And all those airline points and cute little perks? Gone.

Oh, Hell! Do the banks think that we are so stupid, unwilling to change our ways, or are so addicted to credit card use that the American consumer is going to take this slap in the face without hitting back?

Well, maybe the younger members of the population will; they have never known a time when we actually used to out shopping with cash in our pockets because credit cards did not exist.

Back in the old days there was only cash. So, here I am—an oldie, but goodie, to teach them about the strategy of buying only what you can afford at the point of sale. This means no impulse buying, too. And yes, you may have to pass up that great buy that suddenly appeared at the mall. Oh, how the merchants will cry and wail as you walk by.

While this kind of shopping may put a further damper on the economy and really hurt the merchants’ bottom line, it will increase the joyous anticipation of actually planning for a large and important purchase, with little buyers’ remorse afterward.

Anyhow, if we all revert to cash, I wonder how long it will take for the credit card industry, AKA the robber barons, to cave in and come begging for our business with an enticing little, glittering plastic card?

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