Today Bloomberg news, one of the most respected sources for financial news in the United States, said that so many credit card companies are increasing interest rates charged, making terms more difficult and cutting lines of credit, that they see the credit card companies choking U.S. businesses with rate hikes and limit cuts. Almost 75% of U.S. companies with fewer than 500 employees have reported such hikes, cuts and limitations.

Many are going out of business because they cannot afford the new terms for credit.

This is not limited to businesses. Consumers, even those who have always made timely payments and kept low balances, are also being subjected to these unfair terms. And there is nothing we can do about it. This is apparently legal and allowed under current rules.

Really fair, huh? We bail out the banks. They send us into credit card purgatory.
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