Tough time for Credit Cards

This article caught my eye at abcnews.com this morning.

http://abcnews.go.com/Business/Economy/Story?id=5444545&page=1

It talks about tougher times for credit card companies and banks for many of the same reasons lenders are having with home loans. Too many loans made to poor candidates are costing the lenders millions. The banks and credit card companies are trying hard to prevent a bigger problem, and all this at the same time as some members of Congress are proposing legislation to target credit card issuers (see link below)

http://www.kansas.com/209/story/472843.html

The rules on what credit card companies can and can't do are fairly straight forward but it should be interesting what they do in response to these changes. Is it possible that the golden years of easy money are over? Of course American's are beginning to realize the price of this 'easy' money and the businesses providing it to them are also paying the price.

This is all just a great reminder of the iimportance of taking responsibilty for and properly managing your personal finances, down to the most basic details.