Thursday, November 20, 2008

Credit card grinch steals '08 Christmas

While the US government is busy bailing out banks with billions of taxpayer money (by buying parts of them at inflated prices), banks are busy increasing credit card APRs by double or more, even to low-risk consumers.

With a number of bubbles popping in near synchronicity and an economy generally heading into the dumpster, one might think the last thing we need is for the issuers of credit cards to absolutely obliterate consumer spending right as the Christmas buying season is upon us.

Here's another major force to keep the downward death spiral momentum going... Christmas '08 was already lining up to be awful. Now it's going to be really awful. Unless you're a grinch...

Disclosure: no positions

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