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After the recession forced credit card companies to purge their rosters of the riskiest loans, the industry is facing a new problem: customers who are too good.
Card issuers have long found their bread and butter in penalty fees and high interest rates paid by consumers who carry a balance. But that business model has been upended by the legions of consumers who were overwhelmed by debt when the recession hit, forcing the industry to write off billions of dollars in loans. In addition, new federal laws limit how much card companies can charge risky customers.
Now, frugal-minded consumers a
Originally posted by Snarf
in the long term, this is actually a good thing.
Most responsible American's won't pick up a card that has stipulations like this...and those who have cards who've been turned into this will simply get the damned thing paid off and cancel it.
To hell with the credit industry. They did all of this to themselves, which wouldn't be criminal...except they've drug everyone else down with them.
Let them die. The world doesn't need wooden wheels any more.