| highwaystar101 said: You're getting married? Congratulations Mafoo  Also, sorry to hear about the credit situation. What's the cause? |
Thanks! :)
The cause of what? Me having a balance? I have a balance because weddings cost a lot. I am putting some of the expenses on the card.
The reason for the credit hike? Obama wants to freeze this sort thing in the future. So, if your a credit card company, and you modeled your rate structure under the premise that if things get worse, you can charge more, you are going to have lower rates. If the rules change that don't allow you to adjust for market changes, you now have to calculate what rates you think will cover you for all situations. This means a higher rate. Credit Card companies are just preparing for the law change now.
So while Obama thinks he is helping customers, what he really did is guaranteed higher rates for everyone, and forced Credit Card companies to take action now, while they still can.
I don't carry much of a balance, so I am not that effected. But people with a huge balance on credit cards, just got fucked.
