Thursday, June 4, 2009

Damnit Obama!

Yes, this does suckAs I mentioned months ago Congress is making credit card companies "be more honest" by using larger typeface, not changing due dates, etc. We all knew after the housing market was done fubarring itself, credit card companies were next.

Just look:

"Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
" Full Story

Sounds like my AMEX downgrade is just the start of credit induced melancholy. I'd rather carry a checkbook than pay annual fees. *glower*