SO MUCH FOR BEING RESPONSIBLE ...

In spite of being recently divorced and taking it on the chin financially during the divorce, I continue to make monthly payments (on time) and regularly pay more than the "minimum payment" required on my credit cards. My credit score is not only excellent, but is better now than when I got a divorce. Go figure.

So what is my reward for being responsible?

My most recent credit report informs me that my credit limit on several of my credit cards was cut by at least 80%. I may be wrong, but I have to think that my credit score will suffer because my debt to credit ratio will go up next month.

But wait, it gets better.

Chase, one of the banks that's getting billions from us in the form of bailout TARP money, just sent me a letter informing me that "in response to market conditions and to maintain profitability" they will be "making some changes" to my credit card account. In real simple terms, my interest rate is going to almost double.

As if this wasn't enough, the letter also informs me that if I don't accept these terms I have to write a letter by Feb. 20th telling them I don't accept the terms. In response Chase will close my account and I will forfeit all of my accumulated reward points and miles.

You know, it used to be that if you obtained something by coercion or intimidation it was called extortion. Today we call it "favorable legislation" - which allows corporations to act irresponsibly and then have others pay for it.

For those of you keeping score at home, this is what we have: Financial institutions who acted irresponsibly and made incredibly stupid business decisions are getting bailed out with taxpayer money; People like me, who are responsible and have excellent credit scores, are going to get squeezed to insure "profitability" in a slumping market that the bailed out financial institutions helped drive into the ground.

I'll be discussing this on Saturday's program.

- Mark