Right now many of the credit card issuers are responding to the current economic climate and the impending CARD legislation taking place in February, by unexpectedly raising interest rates, lowering credit card limits and even canceling the cards of people who rarely use them. In short, they have been acting like spoiled brats doing anything that will help them keep the huge profits they are used to but never considering the wants and needs of their own consumers, who are actually the ones who keep them in business.
But their antics are having an effect on consumers, albeit probably not the one they wanted or expected.
A recent survey polled people about changes in their spending habits after the terms on their credit cards were altered. 39% said that they either stopped using the card or closed the account and 55% admitted to using the card less. Over half of all credit cardholders have reported seeing changes to the terms of their account.
And as for this holiday season that is the credit cards issuers “Just Desserts”.
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