Credit Card Companies, Part 2

When the economy imploded we, the taxpayers, bailed them out. Actually, I believe we bailed out the banks that own the credit card companies, or perhaps it was the companies that own the banks that own the credit card companies, or was it the companies that own the companies that own the banks that own the credit card companies? OK, I don’t know whom we bailed out, but I’m pretty sure it wasn’t we, the taxpayers.

Here’s the interesting part. Because they could no longer meet their financial commitments, we loaned (spelled G-A-V-E) banks the money to do so until times got better. And fortunately, they reciprocated by giving us, the credit card holder (spelled T-A-X-P-A-Y-E- R), more time and a lower interest rate to help us meet our financial commitments.

Or did I mis-remember that? Did they actually double or triple our interest rate, lower our credit limit, and, should we then miss a payment, start contacting us on a regular basis to give us a “friendly” reminder that we seem to have fallen behind?

Is it just me, or is there a certain resemblance here to another long-established and time-honored lending institution? Easily made loans with little or no credit verification, extremely high interest rates, and “friendly” reminders for failure to make payments (assuming broken knee caps qualify as friendly reminders). Have today’s credit card companies become a bit predatory, perhaps even shark-like?

Here’s another interesting part. Miss not one, but several payments, and all the rules seem to change. Suddenly it’s no longer important to make payments on time. Suddenly interest disappears altogether and payment plans can be easily arranged. In fact, for an immediate cash payment of as little as 25% of the balance, the debt will be considered “paid in full.” Note: your ability to obtain credit in the future (or ever) may be adversely affected; “snuffed out,” so to speak.

Am I missing something here? Wouldn’t it make more sense to help out the credit card holder (spelled T-A-X-P-A-Y-E-R) rather than “snuff him out”?