You can fall delinquent on your mortgage and get bailed out. Now, the same goes for your credit card.
Can the Chew and Screw bailout bill be far behind?
Now 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.
“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”…
The industry says that the proposals will force banks to issue fewer credit cards at greater cost to the current cardholders.
Oh, why the hell not? Want me to wax your car while I’m at it? Grab you a beer and some chips? Fluff your pillow?
These a-holes in government make me nostalgic for bankruptcy.