Why should those of us with good credit practices be soaked because other people can’t learn to pay their credit card bills in full and on time?
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 people with exceptional credit.
Banks are expected to look at reviving annual fees, cutting back on rewards programs, and in some cases even charging interest immediately on a purchase instead of allowing a grace period of weeks.
When credit card companies adopt these specific activities, consumers will cancel their credit cards and switch immediately to a straight debit card / check / cash system. It will mean a little more in the way of pre-planning the month ahead of time, but it’ll be worth it not to pay the fees.
Chances are we’ll end up saving money,. Having to stop and think about all those incidental little purchases that we really didn’t need anyway. It adds up!
I had to personally and painfully learn how to properly manage my finances , others should be requires to learn the same thing!
Tags: cash, credit card practices, fees, interest rates, reward points, saving money
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