Since the Card Act passed, mortgage and Treasury bill rates have dropped a little, but credit card interest went up -- from 13 percent to nearly 15 percent. Some banks also stopped offering credit to some people. JPMorgan Chase cut off 15 percent of its customers.
So the real result of this 'consumer' regulation? 'Hundreds of thousands of people can't get cards who used to be able to have cards, and all the rest of us now have to pay more,' Zywicki said."
Wednesday, December 29, 2010
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