If there was any doubt about who will ultimately bear the brunt of the losses that banks have experienced on their subprime mortgage portfolios, this article from USA Today should remove any lingering uncertainty.

To recoup their losses, the banks are going to increase the fees and interest rates that they charge to generally responsible people.  For instance, ATM fees are being raised at Chase and Bank of America.  Interest rates on some credit cards will be increased by a factor of 3 in some cases.  Grace periods on credit cards will be shortened at Capital One.

In this time when the pricing from banks is changing rapidly, it will be worth your time to shop around.  If you're able to join a credit union, you may be able to find attractive rates and terms there.  Alternatively, Bankrate.com is a website devoted to providing comparison rates from a large number of banks and financial institutions.

Powered by ScribeFire.