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The Federal Government does it again…..

February 22, 2010

The federal Government decided that credit cards were charging too much in fees so they passed legislation to limit the practice.  That sounds great, but in fact, it has cuased the credit card companies to charge excessive interest, some reported as high as 79%.  The law goes into effect Monday and if you have a credit card, there is a big chance you will be getting a letter about the new interest on your card, of which you will have about 30 days to either accept the changes or pay off  The card.  The law was suppose to protect Americans from the demon credit card companies.  The problem with that is the Government never takes into account the unintended consequences.  The new federal law designed to push lower fees for consumers will in fact lower available credit to consumers and produce unprecedented interest rate hikes on credit cards.  Thanks for the help uncle Sam………

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