DYSPEPSIA GENERATION

We have seen the future, and it sucks.

Credit Card Interest Rates Much Higher

24th August 2010

Read it.

But where the two groups do not overlap, I am not sure that the group we are rescuing from sudden interest rate changes and late fees is more needy than the group who is now paying higher interest rates to counterbalance the fees.    Indeed, the higher interest rates could conceivably tip some people into the “misses bills” group.

I don’t often disagree with Megan McArdle, but this appears to be one of those times. I disapprove of her apparently willingness to use “more needy” as the primary criterion as to how the credit card business ought to be structured; I’d prefer “more fair”, which I think this legislation promotes.

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