Large corporations spend millions on lobbyist so, when something big happens that goes against the norm it is big news. The Fed has finally taken action against the Big C (Credit Card Companies) in an article written by Jim Abrams of the Associated Press: Click Here for AP Article
My take on this article is good news! The Fed has taken action to try to reduce what the feds called Unfair and deceptive practices. In a nut shell and what I think is important is that they are trying to limit how often credit card companies raise rates for what I call no reason at all.
Let's See current and you know this happens! You make all your payments on time and you even pay more than your statements says but you get close to the limit and bingo your rate goes up for no reason other than you used the credit that they extend you. The reason they raised the rates what just because you got close to your balance and they think that is a higher risk even though you make all your payments and you pay more than you should because you are a good customer.
Has this happened to you! You know it has, come on!! No Lying!!!!
Plus come on! If the Association associated with the Big C is saying it is going to be bad you know the Fed got it right. Lets face it!
So I say Come on Fed do more Help out America, The Economy is in the toilet and needs help. Look at Gas! Oil companies are making more money than any other organization yet! they always have excuses about the price of Gas! Come On!
I know even this is kind of radicle for me but I just could not Resist. Even people like me who are not radicle and avoid these types of things can enjoy it once in a while!!!!!!!!
