Credit card reform is turning into a rebellion. As the federal government pushes toward stricter rules for credit card companies, those companies are passing on their pain to customers.
“Lenders don’t know who to trust anymore. And so almost all of us are paying a premium for that lack of trust in the economy. You notice in the fine print about late fees, over the balance fees, annual fees, they all seem to be going up and they’re being levelled pretty aggressively,” says University of Wisconsin financial specialist Michael Collins.