enthalpy

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Monday, February 22, 2010

Posted 2/22/2010 09:36:00 PM by Douglas

The new credit card law hits the streets and guess who is going to suffer? People that paid their bills and wanted cheap, easy credit.

It wasn't supposed to be this way. The law that President Barack Obama signed last May shields card users from sudden interest rate hikes, excessive fees and other gimmicks that card companies have used to drive up profits. Consumers will save at least $10 billion a year from curbs on interest rate increases alone, according to the Pew Charitable Trust, which tracks credit card issues.

But there was a catch. Card companies had nine months to prepare while certain rules were clarified by the Federal Reserve. They used that time to take actions that ended up hurting the same customers who were supposed to be helped.

Here's a news flash: When you save customers $10 billion, that money has to come from somewhere, and that somewhere used to be called "bank profit." Less money they make, less money to loan. I wonder if Barry's new bank law is set up to make cheep credit unprofitable so I have to quit buying crap I don't need.

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