A Boom in Credit Cards: Great News for Banks, Less So Consumers
One would think The New York Times might attempt to hide its disdain for personal responsibility and free market capitalism. But it does not.
Opening two paragraphs:
“Udean Murray, a 62-year-old retired telephone operator in Brooklyn, relies on more than a dozen credit cards to make ends meet. Her prescription medication often goes on a Capital One card. She pays for groceries with one from Discover Financial Services.
“That’s a risky financial strategy for Ms. Murray, whose only income is Social Security and who struggles each month to make the minimum payments on all her cards.
“But it has been a boon for the nation’s biggest banks, which are earning millions of dollars a month on their credit card customers.”
