Are you surprised that Obama's credit card reform ended up hurting consumers?

Question

Liberal attempts to control free markets usually backfire, as it did this time:

http://finance.yahoo.com/news/Mixed-blessing-credit-card-apf-2338521177.html?x=0

Answer 1

I don't see why the government had to get involved. When you sign up for a card, those are the conditions. You should be reading those conditions before you agree to the card and if you use it and carry a high balance that's not the governent's fault either.



I've already cut up my cards and pay cash for everything now. Don't have the cash, I don't buy it. Common sense if you ask me.

Answer 2

The article states that while some consumers may see higher rates or fees, the majority will not...and that this law will have the effect of giving already over-extended consumers less opportunity to pile up even more depth.



Short term a few will pay more but long term many more will benefit from the credit card companies now not being able to suddenly jack up rates, hide fees and interest charges and continue the deceptive practices that have led to massive profits for them and massive debt for consumers.



I would not be too quick to side with the credit card companies on this one...

Answer 3

Hurting more than has already happened? It's not about controlling the market. It is about honest dealings with consumers. Now that the credit card companies can't get their money through the back door, with retroactive rate hikes, random changes of due dates designed to catch people short and allow them to raise your interest rates, etc etc etc...they are just being up front now. The tightening of the credit was bound to happen, since everyone with a bank account was issued a credit card, regardless of creditworthiness. Please don't tell me you actually think you were getting a better deal before. The credit card companies will get their money. Before they were getting it in hidden ways, now they have to announce it up front. Why are you defending them? Do you work for Chase Card services?

Answer 4

So because a law takes time to be implemented and credit card companies are shady, it's all the president's fault? Get real! It will still help them in the long run.

Answer 5

This actually good news. Now banks won't purposely bankrupt their customers in an effort to get a short term gain. The long term benefits from this are enormous.



Can anyone contest that people shouldn't be using credit cards as much as they are? This will force more responsible behavoir.

Answer 6

So, now it's Obama's fault the credit card companies jacked up their rates and fees? I thought you right-wingers loved when corporations ripped off, um, I mean, increased their profits.

Answer 7

Only in the short term. The long terms gains from this reform will help consumers exceptionally well in the future.



Problem is, some people can only see the short term....

Answer 8

Folks will be helped more than they will be impacted.



The problem is, most folks have too much avaialble credit and go bankrupt - which impacts everyone else

Answer 9

No not at all! What has government ever done to make life better for the Average 'Joe"!

Nothing they do works..just cost money. They all judge the good they do by how much money they spend

Answer 10

oh please

Pres Obama didn't create the so-called "credit card reform" all he did was to rubber stamp it,

his problem is that he tells his lawmakers what he wants and they do whatever the sht they want.

I'd have far more respect for the man if he would take the time to read the stuff he backs.

for now, he is simply a clone of the bush years.

Answer 11

Centralization in a historical decentralized country will never work (i.e. America) like it will for Europe which has been centralized for millennia.

Answer 12

that's progressive liberalism for you.



Break the system and share the pain of ALL CREDIT CARD HOLDERS so that the irresponsible users of credit get their soiled panties cleaned and washed and licked by the O administration forcing a reduction of available credit, smaller credit lines, more "clever" fees, more up front costs in terms of enrollment, to those who are responsible users of credit.

Answer 13

Following the liberal creed. If you can't dazzle them with brilliance. Just baffle them with bull$hit.

Answer 14

All I know is: I'm in trouble!

Answer 15

Why should THIS be any different than anything else he touches!



You notice I didn't PRE-BUY any tickets to Chicago's 2018 Olympics... didn't you?

Answer 16

Anything Obama does hurt someone in some way. Typical Pinko Commi\e

Answer 17

they always make good bumpers stickers, but instead of working the issue once again, demonizing and penalizing on a whim for a sound bit failed..



Some how Obama will tout 29.99 % interest as a success

Answer 18

But....but... he is filled with good intentions LOL

Answer 19

no, it backfired just like their home-lending mandates

Answer 20

he bought a lot of chicken and hot sauce, and a hummer, and gun.



oh and B*tches

Answer 21

Not at all. But the leftists don't care, their intentions are all that matter to them. Outcomes are irrelevant.

Answer 22

these guys are all clueless.he is such a dirt bag.