REUTERS REPORTS THAT CREDIT CARD COMPANIES WILL CONTINUE TO MAKE “LUCRATIVE” RETURNS. Just in case you were worried that the new rules of the Obama administration might harm the credit card companies by limiting their ability to rake consumers over the coals, today Reuters reported that:
“The credit card industry will continue to provide one of the most lucrative returns of the asset classes within banks’ portfolios even after new U.S. credit card rules are put in place…”
For more details, here is a link to the Reuters article, Credit card industry to remain lucrative: study.
Further, in spite of the fact that talk about reigning in the credit card industry from the Obama administration has been loud and clear, “Stocks of credit card issuing companies have risen about 150 percent in the second quarter and have outperformed the industry, despite challenges….”
Stated another way, the players know the real truth, that regardless of whatever public relations spin is promoted about making credit card companies more friendly to consumers, they will still be making a fortune from those very same credit card holders that are getting abused by high interest rates and oppressive fees. In short, taking advantage of consumers is a living goldmine for the credit card companies and regardless of what you and I hear otherwise, credit card companies will continue to devote the might of their resources towards keeping consumers enslaved by debt and keeping the credit card company coffers filled with gold.