There are no penalties or interest payments for credit card holders who pay their bills on time. So those allegedly getting protection by these new rules are those who choose not to. Those who do pay on time now will pay higher fees to finance these new protections. And, it will be harder to get cards, which will hurt low income families that liberals supposedly care so much about.
There’s even more good news in store for those who think freedom is the root cause of our financial problems.
Soon we will have the Bureau of Consumer Financial Protection in place, as result of the Dodd-Frank financial regulation bill just signed into law. The new bureau was set up in about 400 pages of the several thousand page bill, and, with a $500 million dollar budget and several thousand employees, will protect us in every other aspect of our financial lives.
It’s good that our politicians are getting our financial affairs in order for us.
Proof that we can rely on them is that our government debt is now almost 60% of our GDP and projected to reach 100% by 2020. Standard & Poor’s has just indicated that the AAA rating of US government bonds may have to be reduced, showing that the United States is now a credit risk.