http://www.bloomberg.com/apps/news?pid=20601087&sid=aojH5YQChWLI&refer=home Hmmm.... Socialized credit cards....????? Oh that's right.... Consumers are #1 priority..... ...................................................................... Digging a deeper hole to get out of.... Just "shut up and dig"....right ?
So they can go back to ripping people off with fees and interest? I don't think propping of the credit cycle is such a good idea at the moment. Isn't that what got us into this mess in the first place?
Well, that's one thing no one talks about. Banks and credit card companies have been ripping off consumers for a long time. When I was back in America I met a woman who was nearly homeless. She lived in a motel and received welfare every month. She sent two hundred dollars a month to Capital one each month, for fees and what not. She was half crazy so she didn't really understand why she couldn't get the darn things paid off, as she never used it anymore and it only had a five hundred dollar credit limit. This is no exageration. I worked at Capital one in the past and I know how they operate. They've been targeting those who they knew would be late with their payments to make the fat fees. Personally, I think they should go out of business and all the few banks with good practices who aren't suffering in this mess to buy them all up for pennies.