Apparently Obama has approved a new plan in a credit card reform bill.
What he does not understand or seem to care about is when you legislate business in such a manner that you punish the good for the sins of the bad, the good end up paying more.
Friday during his signing ceremony for the bill Obama stated "Some get in over their heads by not using their heads," the president said. "I want to be clear: We do not excuse or condone folks who've acted irresponsibly."
Then why is he (Obama) sticking his nose in this, and how is it my problem or the problem of any other citizen out here practicing personal and fiscal responsibility ? Oh yeah that’s right we have to spread the wealth and after all the government is now in the banking business (sarcasm).
As a result, all the citizens that pay their bills on time can look forward to the following consequences of this bill.
More annual fees. Loss of grace periods before interest accrues. Less or no credit card rewards. Higher rates for those that pay on time.
Ahhhh socialism and the interference of free market capitalism is a beautiful thing (more sarcasm).
If you want to understand the President Obama you need to look at his background. Early in his political career he did legal work for ACORN. If you want to understand ACORN you need to look at their website. They state that they look out for the interests of low and moderate income families. One of their past issues was predatory lending, mostly payday loans. All you are seeing now is community organizing on a national scale. This is a problem. If the President really is just representing low and moderate income people, what about the rest of us? I think we are just going to get the shaft. The sad thing is that people will only realize they made a mistake in their vote if things get really, really bad. Even worse, by that time Obama will probably made irreparable damage to our country. People get used to big government and thing that anyone who tries to shut down programs is taking away money that is due to them. What they fail to realize is that even though big government benefits some citizens, it is a weight on all citizens.