Banks Get Bail Out, Customers Get Squeezed!
Filed Under (Credit Cards Blog) by creditblogger on 10-04-2009
Talk about biting the hands that feed you. Many banks and credit card companies have been in trouble due to the recession that has been going on in the U.S. We have all heard how we can’t move forward if these companies fail. That’s great that our government is thinking about the good of people. But rewarding companies that have raised interest rates on customers is simply unacceptable. A few banks are starting to turn their businesses around and generate profit, but where is all this money coming from? If it is coming from those higher interest rates that poor customers have to shoulder, that’s what you can call theft of epic proportions.
Regardless of whether you are for this president or against his policies, you’ve got to admit that he has had a lot of issues to work on. But bailing out the banks just leaves a bad taste in my mouth. I have no trouble with the bailouts but how the money has been used, and how these financial companies have turned their backs on their customers. How are customers supposed to pay all these large fees when they themselves are struggling in these tough economic conditions. What has corporate America done in these tough times? They have borrowed the taxpayers’ money and charged the taxpayers much more to give the money back. If that’s not unfair, I don’t know what is. And don’t think for a second that rate hikes are over. We haven’t even begun.
Your take: are credit card companies’ actions justified here? How would you fix this mess?
