Credit Card Contortions
November 12th, 2009 admin
With Congress in the process of making it more difficult for credit card companies to totally fleece cardholders, the credit card companies are shifting their profit model slightly. Where it has been “find a smaller percentage of people to take for everything you can because they’re vulnerable,” now that that’s becoming less legal (and a PR nightmare), the model is going to be “put the screws to more people because you can’t squeeze as much out of the unfortunate few.” And of course, they’re trying to do it ahead of the law changes going into effect: On Monday, the Federal Reserve provided new evidence of the banks’ actions. About 50 percent of the banks responding to the Fed’s survey said they were …
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