The Elysian Fields

I'm noticing a trend.

The banking industry screwed up.

So it is taking things out on consumers: the default rates for a couple cards ~ even the business one, which has never run a balance ~ has shot up to nearly 30%.

Of course, you only see the default rate if you're late three times, look sideways at them, or think unhappy thoughts about banking executives.

One card, however, will soon have a regular APR that's jumping to nearly 20%.

In all cases, you're given an opt out that will close your account in May, and allow you to pay off the balance at the current terms. One company has indicated you wouldn't be able to use your card, another company has indicated you can use a card, but then it will be as if you had accepted the terms even if you said you didn't.

I'm weighing what to do.

The company card will stay, as it's paid at least once a month, if not more, and, as I said, doesn't run a balance. The personal cards... I think they'll have to go the way of the dodo.

I'm also wondering what these banks will do if significant numbers of consumers drop them and stop spending more with them. Obviously, to keep meeting the artificially inflated numbers they need to support their upper management's lifestyle, they'll need to raise rates for those that remain and retain balances ~ making it more likely for more people to fail to keep up with payments ~ and they'll need to raise their fees for those that remain and do not keep a balance.

It's like the stunt they're pulling with the unemployment funds ~ seems like a time when they could use some good PR, and, instead, they say: how can we improve our profits? how can we make more?

"The point is, ladies and gentleman, that greed -- for lack of a better word -- is good. Greed is right. Greed works."