Here is another cynical part of me.
The banks are getting sued for excess 'late fee' payments. IMF could be on a real money spinner representing class actions on this front.
So how do the banks respond?
Its basic game theory:
change the rules.
If cant whack with excessive late fees...
mate you fail finance 101.
Reduction in finance per sei leads to reduction in economic efficiency.
But your logic there should be no credit at all.
Finance is a productivity enhancing mechanism that increases the effectiveness of capital allocation and leads to future increased...
it will effect the 'little' guy, not the bigger players.
Once you reach a certain level, personal relationships play an increasingly important role. But the legal entities change over time, eg personal black spots vs clean trust records)