The credit card companies are making dire predictions about credit availability and rising costs now that the House and Senate have overwhelmingly passed the credit card bill.
Card executives have said the changes would prevent them from properly distinguishing between risky and non-risky borrowers and force them to charge everyone higher rates and annual fees.
Somehow I think that the marketplace will even all of this out. Just like the airline industry, when one airline lowers its fares to attract customers and all the others fall in line, one credit card company will try to separate themselves from the rest of the pack with lower rates and perks and the rest of them will go along.
Oh, and for all the crocodile tears from Visa and MasterCard about how unfair the mean old government is being to them, all I can say is: You brought this on yourselves. If you hadn’t been such greedy bastards in the first place and come up with sneaky ways to trick consumers into paying you through the nose, there wouldn’t have been this backlash and you wouldn’t be getting calls from consumers who are really pissed off to find that after ten years of never missing a payment and always overpaying the minimum amount, they have their APR rate doubled because of the “challenging economic conditions” — that you helped cause. And, to add insult to injury, you’re using taxpayer money to stay solvent.
So you got what you deserved. Butch it up, suck it up, and shut up.