http://finance.yahoo.com/banking-bud...&asset=&ccode=Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.
Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
With many consumers mired in debt and angry at what they consider gouging by credit card companies, the issue of credit card reform has broad populist appeal. Members of Congress and the Obama administration have seized on the discontent to push reforms that the industry succeeded in tamping down when the economy was flying high.
That's right, the people who pay their balances off on time and don't miss payments are going to be subsidizing those that do with potential annual fees and shorter grace periods.
More wealth shifting from Obama? What a surprise. Those people got into the mess they're in by over spending. The responsible will now have to subsidize the irresponsible in yet another category of commerce![]()