New rules for credit...

That was interesting Ang...I found the credit card & car loan section very interesting. Does that mean if you have a car loan now, that the rate will rise? I have like 7% through Nissan & have always been on time with that.

Well the way i read it as far as car loans go, it would be on a "new" loan but on credit cards sounds to me like pre-existing cards! Which we all need to keep an eye on!
JMHO,
Ang

Too bad someone can't but a lid on what they can charge with the percentage rates...they are insane!

Credit card interest rates CAN get insane.

Why doesn't the government notice there are million of us in debt because of the interest rates & lower them or at least cap them?

They already did that with mortgage rates..take a peek at alan greenspans latest work....with credit cards there is no collateral and no real property ties that affects the future state of the economy, such as real estate.

Oh! Didn't know all that!! I think Alan should realize though that it people with credit card debt have trouble paying it off, then we can't buy anything & the economy still is bad. Not as bad as real-estate, but still we have an effect on the economy.

The credit card companies are in everyones pockets up on "the hill" if you know what I mean....kind of like old tobacco.

Oh!! Wow! I'm learning a TON tonite!!

The only reasonable credit card account is one you pay in full every month. For bigger purchases a installment or line of credit account would be the better option financially.