We have been reading about this for a long time, but substantial changes to your credit cards take effect today.
POTUS Obama the Impotent Pantywaiste and his Czar-minions have bee trumpeting how they are protecting you with the new laws going into effect regulating credit card companies.
Let me see the ways they are protecting us:
- CC companies can charge all of us as much interest as they want, as long as they notify us.
- They can now freely charge annual fees for having the card, and even for not maintaining a large enough balance. So, Pay in Full, Pay More. Great plan there, nObama
- Most cards with cash advances are going from fixed-rate to variable rate charges on cash advances.
- The credit card law protects consumers from arbitrary interest rate hikes on existing balances, but does not regulate rates on future purchases with the card.
- Virtually all the cards I have had an opportunity to look at, including some store cards, have already gone to variable rate billing, where the “fixed” rate is a fixed percentage, normally 15% to 25%, added ON TOP of the prime rate. If Prime is at 4%, that means with good credit, you will pay 19%, with average credit, 29% or more.
- There are a lot more tricks up the sleeves of the credit card companies that will be utilized to make all of us pay a whole lot more so a few deadbeats and undisciplined users can take advantage of the system under the new laws YOUR President had to have to protect (pronounce “bo hee ca”) you.
Way to go, POTUS
May you be limited to no more than one term.
Anyone voting for an incumbent should be ashamed of themselves. Incumbent should only have one meaning for any level of Federal, State, Local or even School Districts. Than meaning is OUT, GO AWAY, enjoy your retirement.