Bailed-Out Banks Stiff Credit Card Customers
Since bailouts are so timely today, Bloomberg weighs in to point out that banks that have been recipients of government bailout money are reacting by charging
Jul 31, 2020507 Shares168.9K Views
Since bailouts are so timely today, Bloombergweighs into point out that banks that have been recipients of government bailout money are reacting by charging higher fees on credit cards for consumers. Apparently, they’re trying to get ahead of the curve on those new Federal Reserve regulations curbingtheir bad behavior, which don’t take effect until 2010.
From Bloomberg:
“„“People are totally confused,” said Mark Zandi, chief economist at Moody’s Corp.’s Economy.com. “The taxpayer is essentially a big owner in JPMorgan, Bank of America and Citigroup, and these are the folks who make credit-card loans. Many are asking, ‘So why is it that my credit-card loan got pulled? Why am I being charged a higher rate?’”
Wonder if Southern lawmakers who fought so hard against helping the auto industry will be speaking up on this one.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles