Thanks Obama for the credit card interest rate hike.

[TheRealMafoo]

Legend11 said:

TheRealMafoo said:

So Obama is trying to pass a law that says credit cards will not be able to hike rates on current balances.

So what does this do? It causes the Credit Card companies to go ahead and hike them now, while they still can. I am planing a wedding in a few months, and have a couple thousand on a card. I expect to pay it off in a few months, but I got a notice in the mail today that the rate on that card is going up on future and current balances.

Anything else you want to fuck up Mr. President?

 

He's trying his best to fix things while many including the credit card industry do their best to try to stop him.  There are so many greedy people putting their own interests ahead of their fellow citizens and even the US's best interest that it may end up destroying the United States in the end.

 

The best way to fix things, is education, spend billions explaining to people how this is a very bad idea. Create a class in public schools for finance (like Math), that kids must attend.

Arm the people with the knowledge they need, don't pass "because I said so" parenting laws on companies. 

Companies will always find way to take advantage of the stupid. The best way to combat that, is make people less stupid.

edit: I know "stupid" is the wrong word. It just sounds better then "uneducated". :)