If everyone cancelled their credit cards or stopped paying their credit card balances, would it keep credit card companies from gouging their customers?  Even the most fastidious person is getting hit hard with additional costs and you may be wondering what else is next.

As if we don’t have enough increased fees, here are some more changes that these card companies are passing onto the consumer.  Even to those who are unable to pay their credit card balances due to no fault of their own.  Talk about increase in financial stress.

In February, Bank of America and other credit card companies will begin to tack on annual fees. Rewards cards will have higher annual fees and the rewards will be less.

Good news, if you are more than 30 days late in payment but less than 60 days late, there will be no late fees.  But your rewards cards will suffer, paying pennies this time.

Checking accounts are not immune to these gouging tactics.  Free checking is going along by the wayside.  Paper statements will have a fee as will some banks charging for mailing paper statements.  Even if it is $1.00 per month, it still comes to $12.00 per month in addition to rising credit card interest rates and various penalties being attached.

What can you do to avoid fees?  Read the fine print.  If you intend to change banks, keep in mind you might save on one offered service but pay more on another.  Bottom-line.  Do your homework when dealing with your credit card balances or your banking habits.