How can ALL CC companies say they will raise rates? There are 8000 of them. Are they ALL going to raise their rates simultaneously and keep them high or, despite efforts at collusion (btw, ever heard of anti trust laws?) will some of them spin off and offer non penalized rates to good customers? If you have studied economics the answer is clearly yes. Collusion never works because the incentives to cheat on the collusion are too great.
CC companies have turned what was originally mere late penalties into regular revenue streams, and they have done it often by tricking customers into paying late, with late billing and other sneaky practices. The new laws tightening up these unethical practices are a good thing, not the end of the world as we know it.
And I feel fine.
Current Events » in reply to Credit card "reform"
Collusion, price fixing by CC companies?
The whole thread (32 posts)
- Credit card "reform"
- Why stop at credit cards?
- Collusion, price fixing by CC companies?
- Any sympathy for those who have no alternative but to use their credit cards
- So the banks are gonna pout?
- Gun rights bill attached
- Oh yeah, that's terrible.
- I don't understand why...