One of the biggest challenges facing banks today is how to cover the losses from all the foolish mortgage loans they made over the past few years to buyers who really couldn't afford them. Part of the answer is now apparent. They plan to make credit card holders pay for them.
Over the past year, millions of credit card customers have received notifications of coming interest rate hikes on their existing credit card balances. In some cases, credit card interest rates now top 20%, 30%, and even 40% annually. Wow!