Poor Visa and Master Card

Don't you just feel sorry for poor Visa and Master Card. They made credit cards so easy to have. Now it has been reported they had to write off $56 Billion dollars in bad debt in 2008. So along comes Congress to tighten up some of the predatory practices. Who gets bitten in the butt. They people that have good credit, pay off their cards monthly, and people who have used their cards responsibly.

Look for short cycles next year when this goes into effect. Also look for all kinds of new rules and plans and the MBAs at these companies dig into their textbooks for some new ways to compensate for their own stupidity and greediness in the past.

Watch for the return of annual fees, dropping of rewards programs, and the so called grace period.

So once again the government steps in to put some pressure on these guys so they can be more profitable. The government gives them bailout money so they can lend money to credit worthy borrowers and neither happens.