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Need Credit Card Relief? Will the High Fees Ever Go Away?

Now more than ever, people are in dire need of credit card relief. Apparently, the mainstream media and subsequently, our Federal government, is starting to turn up the heat on the credit card companies. The new movie called Maxed Out has brought the high rates and fees that the industry charges to the political forefront and may force the credit card companies to change their practices and policies.

It seems as though the Universal Default Clause I discuss here was one step too far for Congress to accept in raking consumers over the coals especially in this economy when people need credit card relief. Apparently a few credit card companies have already dropped the Universal Default policy from their terms but I suspect they will be forced to make even more changes as a result of the current problem with the lending practices in the low end mortgage market (called the sub-prime market).

But the reality is that the credit card companies entire business model is based on giving people access to credit who cannot really afford it. They have figured out the psychology of Americans and their spending habits. They not only figured it out but they exploited it all the way to the bank. Someday, I believe it will catch up to them because bottom line is that people cannot pay back what they don’t have which means these companies will be forced to alter thier business and provide consumers with some type of credit card relief.

Stay tuned…