Credit card reform may shock some holders

[LICKING COUNTY FAN]

During the past nine months, credit card companies jacked up interest rates, created new fees and cut credit lines. They also closed down millions of accounts. So a law hailed as the most sweeping piece of consumer legislation in decades has helped make it more difficult for millions of Americans to get credit, and made that credit more expensive.

http://www.newarkadvocate.com/article/2 ... 1002/rss01

[king kong]

Imagine that, the banks are tightening our belts for us! lol

[YOU'RE TIGER BAIT]

i don't need any more credit.

[dazed&confused]

The biggest problem with the banks is the same problem with the rest of America's institutions...namely, they are too big. That includes the government. Years ago, banks were smaller and more local. The loan officer determined whether you got a loan based on your ability to pay it back and that decision was made at the branch. Now, everything is consolidated nationally and internationally. you qualify for loans (if they give any now) based on mysterious metrics. As for companies, whether or not your company stays open and employs you is a consequence of the price of the stock and the return of investments to stockholders who are increasingly overseas. Unions become a means to prosper themselves until they priced themselves out of existence at the expense of their members. Meanwhile, the big banks have to find increasingly "artful" ways to make money by skewering individuals with fees, gambling like addicts with your money on derivatives; then when they mess up, they are "too big to fail" and guess who comes to their rescue. Politicians rant about this but when it comes to regulating these institutions and destroying the too big to fail model, the lobbyists grease their palms and the fury subsides. Big banks, big companies, big unions, and big government! Remember the phrase, "Of the people, by the people, for the people?" Not any longer.

[king kong]

^^^^Great points. Can you believe the Supreme Court is allowing corps to fund politicians campaigns? Uhhhhh, yeah nice call there guys!

[my2cents]

Nice name richard!