Thanks Obama for the credit card interest rate hike.

[txrattlesnake]

TheRealMafoo said:

txrattlesnake said:
What he needs to do though is put a retroactive clause in his bill that says that any rates that go into effect as a response to his plan will be immediately thrown out when the bill passes.

 

You can't do this. The interest rate is there revenue, and it's based on there costs. If Obama is going to change the rules, so there costs go up, you can't penalize them by not allowing them to adjust there income.

 

Well if they drive up a person's rates and they have no way to be able to pay then they should probably just take bankruptcy.  it only affects their credit score for seven years (and most likely some company will still send them a credit card offer in that time, so if they buy small things on that one and pay it off they can still improve their credit score quicker), and there haven't been debtors prisons in the US since the 1850s.