Quote Originally Posted by Sturtle View Post
How about the part where in response to this bill, the credit card companies just arbitrarily raised their rates on EVERYONE (including you)?
I'd rather see the fees and penalties up front rather than in the small print and "gotchas" if you don't check your bill carefully. Also, I don't fault the law increasing my rates, I fault the banks who raised them. It's like people blaming guns for violence. The bill didn't stipulate that the rates be raised. It stipulated that they stop "cheating". In order to not-cheat and keep making the insane profit they're use to, they have to show how expensive revolving credit really is.

They seem to believe their profits are sacrosanct and that they can blame the fact that they're required to be honest as the reason why. I have stock in JPM and still don't think that increasing their rates is going to be beneficial to them in the long run. If they were smart, they would have left rates the same, taken the short term loss and the long term gain (of people switching away from the banks that did raise their rates).

I'm tired of knowing that every legal agreement, terms and conditions, and "Notice of Policy Change" I get is these lawyers finding new ways to screw me. Sorry, I'm not going to shed any tears for these banks "having" to raise their rates because of the big scary government.

H.