This editorial will appear in Friday’s print edition.
Credit card companies are begging for a backlash as they race to squeeze as much money out of American consumers as they can before tighter regulations take effect in February.
Interest rates are up an average of 20 percent, even for the best customers. Card issuers have altered account terms and tacked on new fees – anything, it seems, to make a buck.
Their scheming reveals just how determined the industry is to perpetuate profiteering practices, no matter how unfair or deceptive. It also challenges any assurances that such tactics will come to a sudden halt once the new rules kick in.