Organizations in free fall are trying to 'right' their balance sheet by jacking rates on even responsible good credit users to 15,20 and even 30%. Credit cards are reasonable tools that responsible adults can use- not vouchers of sin. Most people use their credit cards as a means of last resort and as an appropriate financial tool- puritanical notions should not be deployed to justify usury and abuse of laws written by the lobbyists for the CC companies.

If we allow this, then there will be another explosion in another securitized debt derivetive market as defaults surge. Its wrong for companies to have altered the laws whereby they can claim 'punitive' rates on people who have not missed a payment or broken the agreements they enterd into.

My CC balance has always been reasonable and is now almost retired, and since the Financial crisis, I have been accelerating my payoffs. Not because I have any near-term job insecurity or anything- but simply because I am one of the few around who actully has followed the 'giveaways' to the credit card industry that have taken place over the last 8 years and realize they can 'own' me anytime they want to, and that there are no limits to their power currently. It doesn't matter what contract I entered into when I got my card years and years ago- the Right has given them absolute power to unilaterally 're-negotiate' that contract at will.

Yeti