“You just ran an interview discussing the recent changes in the law relating to credit cards. I hope you haven’t missed the underlying facts here. The new law prevents credit card agencies from doing things like assessing fees and charges that put you over your limit and then charging you an over-limit fee. Nice. That helps people that are over-using their cards for sure. The law also limits increases in the interest rates which you would expect normally to go to those people running high balances and who can’t make their payments on time. That also helps those that abuse their credit cards In truth, everything in this law helps those who are delinquent with their cards.
But as your interviewer pointed out, the credit card companies still “have plenty of things they can do to make up for this lost revenue”.
She went on: “they can (1) charge you fees for UNDERUSE of your card, they can (2) charge you fees for INACTIVITY on your card, and they can (3) charge you fees for carrying too SMALL a balance on your card. Why they can even (4) charge you a fee just to have a card. You charge this fee selectively of course because there is no use charging customers a fee who can’t or don’t pay their basic bill on time. They won’t pay that fee either. So what do you do? Well, you charge the people who DO pay their bills on time the fee and that way you WILL get the money.”
lol. Get it folks? Under this law, they are forced to give up the fees against the abusers (non-producers) while allowing them to make up for that by increasing the fees against the non-abusers (producers). The same thing these people have done over and over again. Take from the producers and give to the non-producers. Just like the proposed Cap and Trade. Does anyone think the increased taxes that the companies would have to pay won’t result in increased prices to the consumer to make up those lost revenues? Of course they will. Those that pay their bills anyway. It will just be one more example of wealth redistribution, taking from YOU and giving to THEM.
This administration continues to talk with forked tongue. They are inept, incompetent, and consistently dedicated to a redistribution of wealth program.
If you missed this you might want to look into it and then inform the public that once again, what this man does is not what he says he is doing.
It never is.
Joe Kusnell
Philadelphia, Pa
UPDATE: For those of you who have never read my article from last year titled “Alice in Obama-land”, please do so on my blog site or at www.boomeryearbook.com/blog.
In it, I predicted this would happen.
by Joseph J Kusnell published in BoomerYearbook.com
Obama has done it again. I hear today how the new law which went into effect today curtailing the credit card company’s treatment of users is a great boon to the American consumer. lol. But is it really? Or just another underhanded way of redistributing America’s wealth. I wrote this to Fox News today following a spot they aired:
Tags: baby boomer, Elderly Problems, Psychological Articles
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Obama does it again: Changes in the Law Relating to Credit Cards
by Joseph J Kusnell published in BoomerYearbook.com
Obama has done it again. I hear today how the new law which went into effect today curtailing the credit card company’s treatment of users is a great boon to the American consumer. lol. But is it really? Or just another underhanded way of redistributing America’s wealth. I wrote this to Fox News today following a spot they aired:
Tags: baby boomer, Elderly Problems, Psychological Articles
This entry was posted on Tuesday, February 23rd, 2010 at 3:18 pm and is filed under Joey's Comments and Controversy. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.