The only thing, and I say only thing that I agree with Obama, is his new credit card laws. I will go in depth as to what exactly each law says and doesn't. For now please read all your mail and literature that should arrive with your statements. Why you ask? The credit card companies are FORCING through all changes before the 9 month as to when Obama's rules go in effect.
For Instances most companies at will are changing the 2% min. payment up to 5%. How does that effect you? If you have just 1 credit card with a balance of $5,000 dollars - 2% is $100.00 and now it will be $250.00. What if you have 2 cards.
What if you owe the national average of $9500 again min. was $190.00 and now $475.00.
This isn't even a touch on the monthly rate or the APR in some cases up to the state max of 29.99%.
At the current moment they can do this without a notice or slip the notice in the bill. And trust me, it will not be in bold numbers. More to come!
Plus stay posted for Part II:
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