December 30, 2010
John Stossel pleads: Stop helping Us! "...the Credit Card Accountability, Responsibility and Disclosure (CARD) Act. It was supposed to really end the alleged abuses perpetrated by the credit card companies. The law forbids some penalties and interest-rate increases on existing balances."
Finally! Protection! A new bureaucracy will stop greedy credit card companies from unfairly penalizing you. And it won't threaten the credit business. Yippie!
Of course, the companies tightened credit on marginal customers (I thought myself outside the margins but my favorite card tightened my limit from $32K to $2500 and forced me into the plastic arms of another card). Less fortunate lost credit and turned to payday loans (how's 500% sound?). States have come down on payday lenders, driving their customers to loansharks ("Time, Spike, is what turns kittens into cats...").
Whole definitely read thing.