There is one three word phrase that has probably gotten more people in trouble than any other …. “Charge it, please.”
How easy it has been to get a credit card … and oh how they have been used and abused … by those who should never have had one in the first place … those who could not afford to spend what they were spending with the cards and spending anyhow … knowing they could never repay it.
Obama came along and decided it was time someone did something to fix those awful credit companies who were causing such grief to so many people.. all in the name of greed. He would fix it so they would never take advantage of another person.
Of course .. to believe those people were taken advantage of you have to believe that somehow those credit card companies forced those people to take their credit cards and use them to the max.
Anyhow.. along came Obama and the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Today the law went into effect that was supposed to make everything just fine for all those poor unable to pay customers of all those mean spirited greedy credit companies.
What did the law really do?
For the present at least .. it has fized it so those who should not and never should have had credit will find it very hard to get.. and no.. credit is not one of our “rights”.
What have the credit companies done?
They have raised fees .. brought back the annual fee … tightened up severely on granting applicants cards.
Why?
It is the only profitable way for them to operate.
So .. the very ones whom Obama meant the law to work for .. it will work against . in his eyes… when in reality it is finally going to bring back some sanity to the world of credit.
As people find out they will have to learn to live within their means … there will he one phrase you will hear much less of …..
“Charge it, please.”
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