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» How To Destroy The Credit Card Industry
The credit card industry is going through some massive reform right now with the leading issue being rate hikes. Congress is imposing limits or caps on just how high these companies can raise their rates. On the surface, this seems like it might be beneficial to the consumer. The article linked from the headline in this post sheds some light on why credit card companies raise rates and how it could potentially destroy their businesses.
If this happens, consumers won’t have to worry about how high their credit card rates are or can be because they won’t be able to obtain a card in the first place. That is unless the government mandates credit card issuance by companies who received bailout money. But they wouldn’t possibly do that. Can you say sub prime mortgage mess all over again? Isn’t that what got us into this mess in the first place?
