I miss Bush already.

Why evade the question? Why not be a man and take your responsibility for your own mistakes. You charged thousands of dollars, and now you're going to pay the price. This is, in your mind, the fault of the President, who, one supposes, held a gun to your head.

I understand that people who are bad with money, in the aggregate, need help, if only because otherwise they'll sink the rest of us. But individually, it's just sort of sad.

The next 4 years, will be the biggest erosion of my liberties over a 4 year span, in my lifetime. Yea, they have been eroding my entire life, but the rate I am going to lose them just sped up by a huge margin.

You think complaining a few minutes a day on a video games forum is going over the top with respect to this issue? My god, how complacent have we become?

You can't argue with the cult of Obama. They would defend him to the grave.

Again, read my posts and get to know me before you act like you do. I clear $4,000 a month. I live debt free. I have not carried a balance on any card for years. I only have a small one now because weddings cost a lot. I have 15,000 sitting in a savings account I chose not to use. I know how to take care of myself.

No one in this forum... and I mean no one, takes more responsibility for there actions then me. Aside from the 30,000 a year the government takes from me, nothing about my finances is anyones fault but my own.

The interest rates on credit cards 300 million people are about to see, is the presidents fault. If they have a balance, that's theirs.

Thanks for showing that you know nothing about Vagabond. You also aren't participating in the discussion other than in an antagonizing way, so you should probably just get out. As for Mafoo, Vagabond has a point. It's not a matter of complacency, it's a matter of obsession. You make a new thread about how much Obama sucks seemingly every other day. Even the most radical Republican members at the height of the election couldn't have that claim to fame.

All I've understood from this thread is that credit card companies are going to raise interest now instead of later. Big...deal?

You're mad at obama and not the credit card company itself? lol

Wait, Obama runs the credit card companies? Are you returning to reality anytime soon?

If the govt didn't limit rate hikes, what, do you think they wouldn't have gone up?

And seriously, your OP is there for all to see. Let's get a timeline.

1. You spend money you don't have.

2. Obama limits future rate interest hikes to protect people who spend money they don't have, i.e., you.

3. Credit card companies get once last predatory swipe at you in under the wire.

But your (remember, a guy who "takes more responsibility for there (sic) actions" than anybody) response was to blame Obama? Out of the three actors in this little play, he deserves the least blame. The majority of it falls squarely on you. And derspite your self-aggradizing paeans to your own responsibility, you've yet to acknowledge that. Instead, you bizarrely posted your finances. What, are we supposed to be impressed? Are you one of those guys who announcees the bill when he picks up the check in a restaurant, so everybody can see what big dicks wallets they have?

This is a seriously sad little thread. And what's even sadder are that there are millions more like you in America, full of blind, incoherent rage for everyone and everything but themselves.

You can't be mad at the credit card companies, the rules were suddenly changed and now they are doing what is right by them.  You can however be mad at Obama because, while his intentions were noble, he didn't think this one through and now there will be unintended consequences.  It's another example of what happens when you put restrictions on markets.

Yes, it's a big deal. (well, more a lesson in how government who thinks they are doing the right thing often times are not)

Let's say I am a credit card company, and I want to make a fixed profit of 10%. I loan to 4 groups of people based on risk. We have groups A, B, C, and D. Group A is very trustworthy, and group D is very risky. B and C fall somewhere in between.

Now for each group, I know some people are going to stop paying me (more in D then A), so the interest rates for these 4 groups is different. Now, there are things that happen in the world that effect all of these groups. Things like major natural disasters, 9/11, the current economic rescission.

There are two ways I can deal with these issues. One is to offer a very low interest rate that I can adjust whenever I like. This allows me to make my 10% profit, and then just adjust the rate as times get better or worse.

The other way is to fix my interest rate, and regardless of outside influences put upon these 4 groups, never change the rate. If I go this way, I have to guess how I think the market is going to fair over the next 3-4 years, and apply a rate that I think will profit me 10% across those years.

That rate will always be higher then one that could adjust. I (and everyone else) has a rate that can adjust, but soon thanks to government, that won't be a legal way to do business. So, I am forces to figure out what rate won't run me out of business, and then charge that rate all the time. My guess though, is once that law is passed, I will not be allowed to change my rate, so I have to change it now to prepare for a fixed rate business model.

Again, this effects me very little. It's more an example of someone in Power who thinks they know what's best for people, screwing with something they have no business in.

There is a reason why for over 250 years no one has done this before. I guess he thinks he knows better.