Monday, January 18, 2010
The Credit Card Game
Monday morning, and I am trying to get back into my routine. Hopefully, I will get a few things done this week, and perhaps my bag will magically show up on my door step. I am a little out of it having been away for a week, so perhaps later this week I will have more to say.
President Obama seems to be getting it with the banks. Perhaps he is reading my blog among the other things he reads. These guys on Wall Street are truly a different bred. They are greedy beyond belief, and I think the President is picking up those vibrations correctly.
The banks and credit card issuers are looking for ways to get around the new restrictions placed upon them with new fees. I have nothing against them trying to fee us to death as long as there is true competition, the consumer can shop for a better credit card deal. That is what free enterprise is suppose to be about, isn't it? Fee business is more dependable than playing the spread. We all remember what the spread is? The spread is the difference between the cost to borrow money and the price charged to lend to the consumer. With adding fees they make up for what they have lost through "restrictive legislation" on interest rates charged and raising the interest rate charged.
These guys are no dopes. They worship money and they will fight like hell to hold onto the game that is rigged in their favor.