Credit Card Companies

The squeeze is now on credit card companies, with the White House summoning the CEOs of these firms for a dialogue on their processes of working. There has been considerable ire at their “predatory” practices and their unreasonable fees. Delinquencies were at a record 5.56% the last quarter, recording a 60% rise as compared to the readings of year 2005. There is now a growing fear that credit card defaults would be the next financial storm to hit the innocent  tax-paying public- hence the meeting of the  powers that be in the White House and the honchos of Visa, Master Card, American Express, etc is being viewed with both concern and interest and hope that some reforms do get to happen.