Random notes.
1. Hi, Neuman. Long time. Congratulations on the parent thing.
2. iTunes Music Store comes to Canada. Sweet Jesus, it’s about time. And handy for Christmas gift-giving.
3. Best place to drink on Whyte? Suggestions, please.
4. For those of you who think markets always work, if only governments would stop regulating them, go watch this. Did YOU know that your credit card company can jack your interest rate if you miss any OTHER creditor or utility payment, even if you always pay your cc on time? It’s called universal default, and just ONE missed payment can trigger a change in your rates. Yeah, that’s real fair to consumers.
The New York Times has a related story.
My company would never pull that kind of sh*t on our customers - it’s unethical. In fact, it used to be illegal, until the lending industry was partly deregulated. We’re not talking about small increases to cover increased risk, we’re talking 10 or even 20 point jumps in interest rates - pure profit plays that are designed to get you off of the low introductory rates they charge. That prime-rate card you have? Guess what - they PLAN to jack your rate the first chance they get. That promise that ‘we’ll never raise your rates’ is conditional on you never missing a payment to ANY creditor on the grid.
They didn’t make that very clear to you, did they?
(Canadian cc may be a little different - my CIBC cards haven’t changed rates, but my one US-based card did.)
Next entry: Even worse than credit cards!
Previous entry: Modern Life.