Unintended Consequences and Credit Card Laws

[bomelia]

Big argument going on with Ernie and his desired health care. in another thread. Recently the all caring government passed a law (no yet in effect) that is intended to reign in credit card companies. Reduce rates, eliminate rate increases and so on. So, what do the credit card companies do? I just recieved a notice from Home Depot that my CC with them is going up to as much as 29%. Good thing I never used it. And it's happening with many of the credit card companies! Check your statements. Government says NO to these activities, sets a date for enactment, and the CC companies respond by screwing everyone. Can't say I blame them. Party while you still can. Sure, one can assume that competition will drive the rates back down. But tell that to the single mom who just saw her minimum payment go through the roof and can no longer manage it. By next year's end, many people will see their current debt double or triple because of Congress's inteference in the free market.

Yeah, and health care will most assuridly fare better.

Thank you Obama.... the reaming felt good.

Mike