President Obama on the Credit Cardholder Bill of Rights

[inconformant]

how about making it retroactive as of today?

[Choderific]

Barack Obama: Furthering the attack on small business since January 2009.

1. Credit is not a right. It's something you earn and then pay the price for when you screw it up. This only helps deadbeats.

2. EVERY small business uses credit cards to make daily purchases to be paid off at the end of the month, pre-interest. Now the interest will roll at purchase time. This will have a direct impact on what small businesses buy, when they buy it, etc. Shafted again by this total CHOAD.

[tblairosglodt]

The bill is lax. It is a small move to ethics based unsecured lending.

If you think current practices are ethical. I will lend you $5,000 this month for $6,000. In half a year, I am changing the rate so you owe me $50,000 over 80 years.

There is no interest cap. APR can still be moved to 30%. After this: If you end up with high credit card debt you WILL STILL BE ruined. But they have to warn you and write contracts so people can understand they are about to pay $50,000 to borrow 5 grand.

[mistaspot1]

Woot!