Thanks Obama for the credit card interest rate hike.

[vlad321]

From experience of a friend:

He is an honest person who got accepted to a college here. He didn't know enough English to teach classes so he didn't have as much income as a normal grad-student. He had to rack up money on a credit card, however he ALWAYS paid his monthly minimum.... Except for one Christmas. He sent in his check like every other month, however there was a mix around the time of the holidays and it got there 2 days late. TWO DAYS. He was paying 400 a month just to pay off interest for the past 10 years and he wass just able to pay off his full debt when they reduced his interest rate back to normal because he was consistent with his payments. The company ruined his life for 10 years for something that wassn't even his fault.

After than, you know what? Fuck the credit card companies, Obama is doing what's right here. Could be a a little overboard, but consumers also need protection from this shit. Mafoo as always, just fails.