d spending could once again help the economy. As a result, temporary restrictions on credit companies were removed. Now Congress is considering new legislation on credit cards. One proposal would let businessmen reduce the prices of the goods when people buy them with real money. The prices would not be cut if they buyer used credit cards to pay for the goods. At the same time, the measure would make it illegal for businesses to charge higher than normal prices to those who do pay with credit cards.
In recent months, the major restriction on credit card spending ahs come from credit operations themselves. Many stores, banks and credit companies are now making it more difficult and more costly to use credit cards. The reason for this trend is that it has been costing these stores, banks and credit companies more and more money to offer credit. As inflation has increased in the United States, they have been force to pay higher and higher interest to borrow the money they need to supply credit. Yet, there are legal limits in most states on the interests they can charge to credit card users. As a result, many banks, store and credit companies have lowered the limit on how much can be bought with a card. Some are demanding larger monthly payments and higher interest. And more and more are demanding that all users pay a yearly fee just for the right of owing a card.
Even with these new measures, however, credit card spending now is as high or even higher than it was before government restrictions were set. And some people say that by the year 2000, credit cards will have replaced money completely Spenser Nilson, who publishes a credit card newsletter believes that event is unlikely. But Mr. Nilson says Americans will be suing credit cards more and more both in the United States and when they travel to other parts of the world. He says a major reason for this is increasing fear of crime and terrorism. Credit cards, unlike real money can be replaced if they are lost or stolen.
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