The credit card industry might try to squeeze more out of people who pay off the bill every month, as detailed in the Times. They may add or increase annual fees, reduce or eliminate points programs, and the like. These approaches stem from purported losses that the new credit card legislation will bring about.

What a silly idea! People who are frugal about such things will only find other ways to pay, using a debit card, Paypal, or old-fashioned checks. Then the credit card industry will lose the money that merchants are paying them for each purchase! Then, in turn, they will try to raise merchant fees and they, too, will go with alternate approaches.

Better these companies should help their stockholders by getting rid, or reducing the pay, of highly paid officers and directors. The ratio of the lowest paid to the highest paid executives has got to normalize.


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