The credit card companies, which are experiencing declining revenues as more people default on their balances or simply stop using credit, are becoming more reliant on fees as a profit booster. I have firsthand knowledge of this trend after I discovered that, in my haste to get ready for my trip to California, I forgot to pay my Chase bill and my corporate masters hit me with a $39 late fee. I’m a punctual bill-payer, so I called Chase in an attempt to get the fee waived. Both the customer rep and a supervisor flatly denied my request. I just e-mailed Chase with the same request, but I doubt I’ll get a different result.
My own experience is a minor nuisance compared to the incessant phone calls my pro bono clients are receiving from credit card companies. For many of them, the calls start in the early morning and don’t stop until late in the evening. It’s unlikely they’ll collect anything from my clients, which only illustrates how desperate these corporations are to maintain their bottom lines.