Credit Card Companies Screwing Consumers Ahead Of Obama Law

Remember the CARD Act (Credit Card Accountability, Responsibility and Disclosure Act) pushed through by the Obama administration where basically the federal government dictated to the credit card companies the terms of the private contracts between you and them?  Well because that law  limit s the ability of the card companies to raise interest rates on people who have lousy credit and don’t pay on time, the card companies are jacking everyone’s rates now before the new law goes into effect.  According to the AP, “…credit-card companies are rushing to raise rates and tack on extra fees ahead of a law slated to take effect Feb. 22 that is supposed to limit such moves in the future. In some cases, rates are doubling to as high as 30 percent or more, even for people who pay their bills on time.
The current maneuvering by the card companies is serving up another blow to American consumers who are already struggling with their finances. U.S. lawmakers let that happen by giving the card companies nine months to prepare for the rules.” As per usual, a law conceived by liberals to target a particular industry nails everyone except the intended target.  Don’t you love how liberals never, ever think about the consequences of the laws they impose on us?  So why are rates going up for everybody?  Well because credit card companies take a loss when people default or don’t pay on time.  Now that the government is limiting their ability to increase rates on people who are late on payments, they are going to have to preemptively recoup those projected losses, by putting the screws to all of their customers.  So even if you pay your bill on time, you will be subsidizing someone who doesn’t.  All thanks to your buddy and mine, President Barack Hussein Obama mmm mmm mmm.