America's major banks have received billions in taxpayer funds and recently have announced that they've seen a profitable start to 2009. So then why are banks raising consumers' credit card rates?
Bank of America announced this week that it was raising interest rates on credit card customers who carry a balance; other major banks have made similar rate hikes in recent months. One reason for the increases, some say, is that banks are trying to compensate for rising credit card defaults.
How do you feel about the credit card interest rate hikes? Is it fair for banks to raise rates even while they benefit from taxpayer funds and see their profits returning? Or do you see this as a step the banks must take as they grapple with the current recession?
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