Are credit card companies hurting future profits by raising finance charges of credit worthy customers?

That's the whole issue of things gone wrong today. Up until the late 70s no one could get a credit card unless they pass a credit check. Then the credit card companies (banks) decided to issue everyone a card with a line of credit and let the interest go up to cover the ones with over drawn accounts and let the good accounts (us) cover the bad ones. The government stepped in and had to regulate the amount of interest to charge. That's what happened to Freddie Mack and Fannie May and the other loan companies. They wanted restrictions eased on loaning money to people to buy homes and let the ones who could make payments offset the bad debts. Houses started to sell, which made their prices higher, which made all the people who bought way over their head default, which put a burden on the others, which made the housing industry collapse. The government started loosening restrictions under pressure starting back around 2000 and keep on until last fall when it all hit the fan. Everyone wanted to sell houses and they didn't care about the consequences. It's called GREED. G-R-E-E-D!

Yes and it was articled in the Opinions portion of our paper just today.

I was not aware that Advanta had done the same. I will search more information

Thank you

We'll see - today I paid off Chase because they wanted to bump me from a loan "guarantee" of 3.9% on their cc to 17.4% - so to heck with them,

In the mail yesterday came my Capital one card - same story but they had the nerve to ask me for 23% - - - well as my mother never had any stupid children, I will be paying off Capital one with my next income check. How stupid do they think we are? (That is a rhetorical question)!

CJ

There is that hint of Monopoly ... who are ya gonna call?

.....ghost-busters? ... they just went through all the bribery to get the regulations changed so that they can gouge us .... they will not change unless made to.

As soon as I can I will pay-off & close one. But for so many things you need a credit card.

They may be just scraping the bottom of the barrel . What's sauce for the goose is also sauce for the gander. A day of reckoning may be appropriate.

Yes definitely.

i know chase bit me in the butt, temporarily and i cut them loose..now g.e. money works who has the walmart card is messing with me, with no reason as to why and i havent given them one, but i'm fixing to cut them loose as they have ran 3 credit checks in two months for no reason and have lowered my score..im sorry ge is in trouble but they arent taking me with them! i dont need them like they need me i have other cards and a good line of credit so i have no idea what they think they re doing but they are done doing it to me.

They couldn't care less.

amazing. they get a bailout and then raise rates too !!

Duh? Ya think??