[sickoflibs]

It was an unusually reasonable reform. But It will have unintended drawbacks.

It will hurt people that carry a balance (unlike me) that wouldnt have had their rates go up. Now the CC companies have to raise rates of more consumers to spread the new risk (they limited CC ability to raise rates on existing balances).

But the other side easy credit traps were a time bomb for them and the economy, and many freepers cursed the CC companies before Obama was elected.

[rabscuttle385]

It will hurt people that carry a balance (unlike me) that wouldnt have had their rates go up.

Prior to Obama's inauguration and subsequent credit card reform, I carried single-digit rates across the board. Now, one card's rate tripled, and another jumped by several points. I'm just thankful that the remaining ones are still in very low single-digit rate territory, and I'm hoping they stay that way until this "reform" takes effect.

[null and void]

Now the CC companies have to raise rates of more consumers to spread the new risk.

Yeah. One of my card companies blandly announced that my new interest rate would be 29.99%