Banks worried, you have to laugh!
I just read a story that the big banks, namely JPMorgan Chase and Citibank, are now worried that consumers will not be able to pay their credit card bills. Well, duh! Now, I absolutely believe the majority of people have credit card problems because they used credit unwisely, but the banks are also to blame in a big way. They issue cards at a "fixed" rate which turns into a rate which rises every month. They lobby for the government to raise minimum payments. They create booklets of information about your credit card terms that even contract lawyers can't decipher. How ironic for them to cry foul. I watched the Frontline show on credit cards, and, boy, is the system messed up!