Congrats to New York's own Rep Carolyn Maloney and the rest of the dems who passed the Credit Card Card Reform Bill that went into effect today. Woop-ty frickin' doo!!!
Like all things liberal that are labeled "reform" this doozy will hit the middle class and the poor right in the stomach....and the wallet hardest. In an effort to cap the exorbitant late fees (avg $30) this piece of shit "reform" bill has allowed the Credit Card companies to raise rates to an all time high of 11%+ over prime. ... they just have to send the customer a letter first.
Good job libs!
5 comments:
unbelievable.
Not really unbelievable at all....actually pretty typical.
And stupid.
well, as i think about it a little more, they are already doing this. every time i am late on a payment my rates go up. not sure what prime is at the moment, but one of my credit cards is at 29.9%. so actually the only thing that's really new and different is that now they have to send you a letter. how polite of them.
banks are getting free money and lending it out at 30% ... don't think that's a liberal or republican thing. it's just that the banks pretty much own the administration and the legislature. nothing new there either.
Acutally that's not correct anita.
If you're late paying them they have cause to raise your rate and it's in the contract that you agreed to when you signed on.
Now they can raise your rate without cause as long as they notify you.
FYI if you're paying 30% transfer that balance immediately. Unless you have insanely bad credit you can open another account and transfer your balance for a low introductory rate, sometimes 0% for probably 6 months and then they raise it to whatever is the prevailing or agreed upon rate.
good advice. (my credit rating is very good.)
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