Credit Cards Are Getting A Bad NameIf I were the credit card industry, I'd start getting really worried about some very negative trends.
1. With identity theft and so many people's private data getting hacked and stolen, people are losing trust in credit card brands and companies. Is your credit report for real? If more and more people can defend their poor credit by asserting that they had their identity or data stolen, how will anyone really distinguish between good credit and poor credit?
2. With high rates of bankruptcy, and even higher ones that can be expected this year due to the usurious new bankruptcy legislation, more and more people are going to give up on the whole mess and just go bankrupt, figuring out new ways to deal with a system that's punishing and TOO complicated and NOT trustworthy.
3. With new greedy games like this one, doubling minimum payments, get ready to see a veritable "opt out" and "anti-credit card" movement brewing and growing large and powerful within a short time.
4. Hey, entrepreneurs, start studying these markets -- there will be enormous up-side opportuntities and heart-stopping down-side business crashes. It's about to be a very wild wild west of credit and debit out there on the range. Needless to say, we'll be hearing from the big brands in this arena, eBay, PayPal, Yahoo, Google, Microsoft and many brands we haven't heard of yet.