May 19, 2009
Boo
NP: Metric, Fantasies
The New York Times reports that credit card companies, if they are forced to stop gouging people who are in over their heads, might start going after people like me who actually pay off their cards every month.
On the one hand, I can live with the reinstatement of my annual fee. That was, in fact, what I signed up for. But eliminating the grace period on finance charges will just drive a whole lot of people to use debit cards instead, won't it? If there's a quick shorthand to describe these more responsible credit card users, it's with the words my Dad taught me, that a credit card is an extension of your checkbook, period. Now that I can actually use my checkbook more conveniently, eliminating that three or four week "float" defeats the purpose almost entirely.
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