Credit Card Companies Pile on New Fees – An Example of the Government Screwing the Taxpayer (again) Indirectly
Posted by Kevin Hanson | Posted in Finance | Posted on 06-08-2009-05-2008
The government always wants to tax those big mean gas companies, regulate those credit card companies, and cap salaries for fatcat bankers. The average taxpayer rejoices at the idea! Let’s get rid of all that free market choice corruption! What most people don’t realize is that they end up paying for the same things in another way. USA Today reports that credit card issuers have begun adding new fees to people’s credit cards, including adding annual fees to those that were previously without annual fees.
This is in direct response to the legislation congress passed to try and protect the consumer by creating a “bill of rights” for consumers. Well, the credit card companies don’t want to lose any money. So they add fees and raise interest rates to make up the difference. Who pays these fees and higher interest rates? Taxpayers / credit card owners… those designed to be protected in the first place. Well done, Government! While the fees on my cards haven’t yet changed, I expect that they will soon…