Did Obama’s credit card protection act help or make it worst for everyone?
Saturday, July 10th, 2010 at
9:07 am
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If you mean the ‘over draft’ thing, no, I think that’s great. It stops banks from ganking money from people who are already broke (without their permission of course)
It isn’t his bill.
The correct adjective is WORSE.
The overall bill is good…the problem is that it gives the credit card firms a huge lead time to jack up interest rates on everyone…Bill or no bill…the credit card companies have proven themselves to be sleazy predators…Americans need to wean themselves off their high interest products and spend only what they can save.
Creditor card companies will not suffer because of this bill….you won’t see the CEO of CapitalOne becomeing homeless and living in his car. See this article :
I think if you don’t have the cash, then you shouldn’t be spending! That’s the hard lesson you people with credit freezes must face. Oh well. Cash is good & it keeps you out of debt. If you want nice things, SAVE! If you can’t spend money for christmas gifts– you only have yourselves to blame for not saving CASH. Maybe it seems that this is a negative thing but it’s obviously not because he’s saving you from making purchases a) you can’t afford b) falling into more debt. If you can afford your purchases, then you wouldn’t be asking this question.
Worst–much worst!
CatDad,
I read part of the article you posted. That interest rate is actually considered loan sharking. But under BO, who knows.
I agree, he made it worst for people especially those that either are close to the limit or who don’t use their cards. My credit card already has an annual fee so I am not effected by that but I did see my interest rate go up because of the number of defaults. Considering that I filed for Bankruptcy protection in 2002, I don’t mind paying more in interest to pay them back for the loss I caused them in the past.