On Thursday, the Credit Card Act of 2009 mandates will take force. The result of protecting consumers from "credit card abuse by lenders" is that much less lending will take place with higher interest rates and higher fees. Thank you, President Obama, for making life more and more difficult for middle class Americans.
The only demographic that is largely unaffected by the new Obama Administration credit card rules is the affluent. They can still get all the credit they want at very low rates. The victims, as usual, are middle class Americans. Many will no longer be able to get credit cards at all; many will have much lower credit lines on their cards (already being reduced in anticipation of the new law), and all will face higher interest rates on unpaid balances and higher fees.
None of this comes as a surprise, of course. Perfectly predictable. This is just one more Obama hurdle for the economy to climb. IT is difficult to see how any meaningful recovery can occur as long as this Administration is in power.
