Now that the Credit CARD Act of 2009 is being implemented are we again learning about unintended consequences?
Published: February 24th, 2010
Congress has screwed up again and now people credit card rates are increasing to the maximum. Fees are being put in place.
Why? Congress protected to people that overspent and now the responsible are getting fees and rates that they do not deserve.
Congress = unintended consequences?
I think the the consequences were not necessarily unintended. The credit card companies had lobbyists all over the hill and over 50 amendments were introduced to carve ot exceptions to make sure the credit card companies remained very profitable..
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February 24th, 2010 at 6:38 am
No, we’re learning about greedy corporations finding new ways to screw consumers.
They should be regulated more.
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February 24th, 2010 at 7:18 am
This is more a lesson in bank greed and meddling government than anything else.
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February 24th, 2010 at 7:35 am
If you spend more money on a credit card than you actually can afford to pay back, I am a little baffled why you think that is "Congress’s fault" rather than your own fault. Math classes at High School are (effectively) free in the US, and certainly teach people how to count sufficiently well that if they get into debt, it is their own fault!
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February 24th, 2010 at 8:09 am
All credit is irresponsible except for cars and mortgages (rates are still competitive and reasonable). Americans should demand higher wages rather than lower credit card interest rates. We are suckers.
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February 24th, 2010 at 8:59 am
You know, you don’t have to have a credit card, I cut all mine up about ten years ago, haven’t used one since. The only difference in my life is I have more money in the bank.
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February 24th, 2010 at 9:38 am
NO they passed a law that gave them political gain and made them look good but in effect allowed loopholes and enough time before it’s enactment so the credit card companies could restructure their fees and how they based interest and still enjoy the same or even more profit.
You tell me why it took almost a year for the new regs to be implemented i am sure they could have done in a couple weeks by the companies if they had too.
It was just another scam on the American people and who owns the credit card companies well big banking so there you go.
Besides people need to cut those things up anyhow they are evil I will not use them.
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February 24th, 2010 at 10:05 am
I think the the consequences were not necessarily unintended. The credit card companies had lobbyists all over the hill and over 50 amendments were introduced to carve ot exceptions to make sure the credit card companies remained very profitable..
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February 24th, 2010 at 10:19 am
Yes, I just received my THIRD notice in the last 6 months regarding another interest rate increase. It seems that CC companies are pricing themselves out of business. Of course, they don’t see it that way. They own the whole corrupt system and the means whereby people HAVE to have a credit card to rent something, reserve a motel room, or fly on a commercial plane. Personally, I call that EXTORTION!
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I hope they all go under!