Few industries have the power to invoke the primal emotions many consumers now feel toward the credit card industry. Consumers have watched in disbelief as seemingly recession proof businesses have failed one after another. It should have come as no surprise that eventually the credit card industry would take a turn in the spotlight.

Most people agree that recent changes in the credit card practices are unfair and possibly unethical. Others would argue that credit card companies are protecting themselves from future defaults. Let's play the devil's advocate for a moment and consider the benefits credit card accounts offer consumers.

Purchasing Power- Consumers are quick to forget the love affair our society has had with credit cards over the past several years. Consumers have charged, purchased and consumed beyond their means without once complaining about the ability to buy more and more products and services. Of course credit card holders have paid for this convenience and many will continue to pay for years to come. There is no doubt credit card companies profit off of consumers who fail to manage their accounts in a responsible manner. Until new regulations come into effect credit card companies will probably continue to exercise the right to collect fees and interest which consumers have agreed to pay when accepting the terms and conditions of their account.

Rewards Programs Cost Money- Cash back rewards and other reward programs have been hugely popular with credit card holders. As this portion of the industry grows to mammoth proportions considerable money is required to keep these programs running. Consider the marketing and operational departments that have been created to develop and maintain these programs which certainly require money to function.

Protection and Support- Identity theft and credit card fraud have been problems facing consumers for years, however the current state of the economy has caused an increase in this activity. Fortunately the credit card industry has an system in place that may ease many consumer concerns. Entire departments are dedicated to help consumers who may have been the victim of credit card fraud. In fact some departments are staffed by legal professionals who offer resources and valuable advice to customers. Fraud departments monitor unusual activity and may freeze your account if they feel your security has been compromised. This service can quickly save you thousands of dollars if your credit card information falls in the wrong hands.

When it comes right down to it, both consumer and credit card company benefit from each other. Even with the changes currently taking place few people are willing to cut up their credit cards and go back to paying cash or writing checks. Both parties must accept their responsibility in contributing to the financial mess which we must all now face. With the President and other government official on board, credit card companies might just come around to operating in a more consumer friendly manner. Additionally consumers must living beyond their means and then wondering why they face financial hardships. Credit cards give consumers increased purchasing power (which should be used responsibly), builds credit and provides rewards programs and other services that benefit card holders. If the current issues between card holder and card issuer can be resolved it would be a win-win for all involved.