I saw on the news yesterday a report stating that BOA has sent out a letter to 40 million cardholders telling them their interest rate on their credit card is going up again. It seems all the big banks are taking advantage of this opportunity before the credit card act that was passed earlier this year goes into affect. From a business perspective, theindustry may see some negative results from this. If consumers are paying more on their credit card, they may spend less, which would mean merchants process less credit cards and more cash & checks. If you are a checking processing company, you may see an increase in your usage. From a personal standpoint, I have always believed you should live within your means and have self financial control. There are rare occasions where people have lived as conservatively and responsibly as possible, but something happens to put them in a bind, even though they did everything right. Such as they have an 8 month emergency fund, monthly expenses are quite a bit lower than monthly income, etc. In those cases, I have sympathy for them. It is the people that simply spend money they should not and it is catching up to them now. If they lived a sound financial life, then it wouldn’t matter what the banks did to the interest rate as they do not carry a balance. I strongly believe credit cards should only be a convenience, nothing more. But too many people do not have any self control and must have or do things and then worry when they are in trouble.