Credit Cards. Almost all of us have them in one form or another and many of us here in Roseville and beyond have seen our interest rates jump for no reason lately. We’re not late on our payment to the card holder or any other loan, the rate just jumped. Sometimes a double digit increase. Call it another casualty of the failed investment banking system in our country, one that is having an effect on almost everyone. An indirect punishment if you will. We’re paying more now than before, through no fault of our own…
The Fed, the House, Senate, and President Obama are throwing their support behind major credit card reform; The Credit Card Holder’s Bill Of Rights. The bill has passed in the house and is on the Senate floor right now (the Senate’s version is said to be even tougher on the credit card companies).
It’s been said that, after taking billions in government bailouts, these banks have taken it to their own clients! Interest rates have spiked on millions of their customers cards. Those that pay on time along with those that haven’t. It couldn’t have come at a worse time for many families. From Roseville, to Sacramento to anywhere else in the country.
But it isn’t all bad. Consumer groups have been calling for credit card reform for years and this may just have been the catalyst to make this actually happen. Will it hurt the credit card companies bottom line? Yes. That just means they need to learn a different, more sensible, way to do business. Maybe Capital One (the worst of the worst) will have to stop all their advertising? All in all this is a good thing for everyone.
-Greg – The Roseville Loan Expert