22 February 2010

Credit Card Fees To Increase With New Rules

Reason.com: Today is The First Day of The Rest of Your Life Under The Credit CARD Act. Which Means, Get Ready For All Sorts of New Fees.

[T]he best way to ensure access to credit and decent treatment is by market competition, not by top-down regulation that stymies the development of many different types of credit instruments. No financial crisis is created by access to credit per se; it's created by real and presumed government bailouts of bad decisions made by folks with access to credit.

Access to credit doesn't stem from card issuers beneficence but from their self-interest, which coincides pretty well with borrowers. Sure, lots of people get into credit-card and other forms of debt that cause problems. But it doesn't help the far-larger majority of people to limit what can be offered.

The article above contains a link to this news story: Card issuers invent fees

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