It may be the current fashion to blame the corporate world for all ills, but Mr Hancock's column takes even this trend to excess. Credit card companies have confusing agreements which can and should be simplified. However, the core problem with credit card debt is that, as a society, we borrow too much and cannot afford to pay back the principal, let alone the interest and fees. Mr Hancock's failure to acknowledge, or perhaps even to recognize this point, is telling. He does not even give a tip of the hat to the need for individual repsonsibility. From Mr Hancock's perpsective, credit card lenders appear to be repsonsible for all problems; excesses by borrowers are not referenced. This may be good politics in the current environment, but, ultimately our society needs to hold individuals accountable for their actions.

"You want my credit card business? Give me one interest rate, which you may not change. Show me what the late fee is, in big print. That's it. Oh - and take me off your junk mail list."

I couldn't have said it better myself.

Four years ago, Bank of America gave me 3 credit cards with 40k available limit with 0% interest for one year. At the time I had a credit score of 770 and no debt. So I took the risk and bought a business.

Four years later, I haven't missed a payment yet, HOWEVER. about a year ago the banks started to raise their interest rates from 10% all the way up to 25%. I still make my monthly payments but they also lower my credit limit. By lowering the credit limit, that increases my debt to income ratio, which lowers my credit score which raises my APR. I have over 100k in credit card debt, which I am not afraid of, but I can't pay it off when my interest rate is 25%. My credit score is now in the high 600's and I still haven't missed a payment. I want to open another business but the banks aren't lending but they are still making money off of me. There was a time last year when it almost came down to either paying the bank's high interest rate or my employees and my employees will always win, thankfully I made it, but barely.

Things have to change because people can't take the risk if they aren't given the chance and if banks don't lend at a reasonable interest rate, we will never succeed.

I have BofA Visa -- 7 years, never late, increased my rate to 19.99%. Closing checking, savings and credit card.

Applied at Credit Union -- 6.9% for 6 mos & 9.9% after. And, the Credit Unions didn't take taxpayer money!

Banks have huge debts, but they're getting a helping hand from the federal government. If you have overwhelming debt--perhaps from bad investments, or maybe a job loss, a medical crisis or just plain overspending--you're probably on your own. Check the website http://24hrbreakingnews.blogspot.com/2009/04/credit-counseling-service.html">http://24hrbreakingnews.blogspot.com">http://24hrbreakingnews.blogspot.com'>http://24hrbreakingnews.blogspot.com/2009/04/credit-counseling-service.html">http://24hrbreakingnews.blogspot.com to see if they can help. I was also in trouble and I am glad I did check it before I talk to my CC company and it helped - Jane Jim, California

Here is an idea: Don't buy stuff you do not have the money to buy... Don't start a business that you have not saved up to start... and that you cannot cash flow itself out of profits... When you play with sharks, you are going to get bit... There are plenty of us who are debt free, live frugally, and run businesses without any debt service to hurt our bottom line.

Bob S,

You are exactly right, HOWEVER, the banks shouldn't mistreat their customers by forcing them into paying 25% interest, I know bookies that don't even charge that much. I hope Bank of America crumbles.