Financially and economically speaking, did the Democrat's Credit Card Act of 2009 help or hurt you?
If we remember........The Democrat's Credit Card Act of 2009 was going to help We The People, it was going to provide the consumer with a Credit Card Bill of Rights, and levy all sorts of regulations against the evil banks and greedy credit card companies.
Obama signed the law in May 2009.....and almost two years later we can all give testament to the statist law of Punishing Success while Rewarding Failure.......and the universal law of Government Action w/ unitneded consequences.
Yes thanks to Democrats we all now have a Credit Card Bill of Rights........and the 59% APR that came with it.
Personally speaking, prior to Obama's Credit Card Reform, I had credit cards with APRs as low as 1.99%. My business had lines of credit with APRs as low as 5-8%. And everday it seemed my mailbox was flooded with new offers of low priced affordable credit.Credit card interest rates hover near record highs of 15% - Jan. 28, 2011
Credit card rates at record highs near 15%
NEW YORK (CNNMoney) -- Interest rates are now hovering near record highs, at an average rate of 14.72%. And if your credit is bad enough, you could even end up with a rate as high as 59.9% APR.
That's because while the CARD Act helped crack down on certain fees and requires more disclosures, it didn't cap every credit card holder's worst enemy: interest rates.
Sure, the new rules prevent banks from raising most interest rates retroactively, but there's no limit on the rates they can charge new customers.
"Rates are going up because card issuers know that once you get a card they can't raise the rates, so they're raising rates on the front end to ensure they get the revenue from that interest," said Beverly Harzog, credit card expert at Credit.com.
Needless to say, those days, those reasonable offers, and low APRs are almost all gone.
Thanks Obama.....thank you Democrats.....for all the "help".