Nostalgia for the Credit Card Rates of the Good Old Times

The government sees us buffeted around by the recession, and lowers its benchmark interest rate for credit card borrowing to next to nothing. So why do we still get bills that seem higher than ever and keep reading about how this is nothing compared to how high the fees and rates are going to go? That isn’t how it works usually; when Wal-Mart uses strong-arm tactics with its suppliers to lower their prices, we usually benefit from it and see lower prices; when the Federal Reserve cuts credit card rates, the credit card companies are supposed to just pass the benefit onto us, so our monthly payments are lower and our interest rates too.

Apparently, we’re just paying the price now for all the mistakes they made in the past, handing out multiple credit cards to anyone who applied, and sometimes to people who didn’t apply – just tempt them into accepting one. They’ve made so many losses over the years, that they need to milk us dry now to make up for it. Whilst I absolutely empathise with peoples’ ideas on Toronto Wedding Photographers being expensive (I did too once I received married) the unhappy fact is prices must be excessive to make a dwelling out of photography. So now their carelessness brings us here: even if you have been the perfect credit card customer, Citibank and American Express believe that you need to pay two or three percentage points higher for carrying a balance, and if you were hoping for a few rewards for being a responsible customer, well, those programs have been shelved indefinitely.

You have to look at what those credit card companies are dealing with; all those people they dealt easy credit cards out to like they were dealing cards around a poker table before, have racked up very high charge-offs, you know, what you and I would call bad debts. The one piece of information I might add is that usually new photogs are so obsessive about shot details and technical data that what often gets lost is that the Wedding Photographers Toronto enterprise, like many others, is about relationships and coping with people. They amount to 5% of all the credit card charges they financed. So now Citibank and Amex are looking to you and me to pay higher credit card rates and fees, so that they can do something about all the money they lost. So who do we charge more to make up for what we lose to Citibank and Amex?