Credit Card Companis Take Aim at Low Risk Borrowers

While credit cards have long been a good deal for people who pay their bills on time and in full, it seems as if those times might be in jeopardy.

You see, while credit card companies imposed punishing fees and penalties for those that are late with their credit card payments, they offered their disciplined, 'pay on time' customers cash-back rewards, frequent-flier miles and other perks to reward their fiscal responsiblity.

However, with Congress taking steps to limit the penalties on riskier borrowers, a source of billions of dollars in fee revenue for the credit card industry, and in an effort to make up for lost the lost income source, it appears as if the credit card companies might being going after those people with sterling credit.

Many banks are expected to look at reviving annual fees, plus curtailing their cash-back and other rewards programs, as well as charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

If all of this is true, it truly is a sad, sad statement about our economy and the impact debt has on our society!

The only realy answer is to begin now to eliminate your credit card debt AS QUICKLY AS POSSIBLE.  If banks do begin removing grace periods and rewards programs, the benefit of credit cards is quickly lost.

Although that may not be a bad things as more people will be forced to do what our grandparents did…pay for things when they actually have the money in hand!